Edition: 
Asset Development

2008
 May/June

Economic Empowerment at AnewAmerica

Cultivating Financial Security

Events
-Social Responsibility Festival Set for June 21st!

AnewAmerica in the Media

News
-San Jose Update
-Development
-Bridge 2 Success

Profiles
-Sponsor Spotlight
-Volunteer
-Entrepreneur
 

Volunteer & Wish Lists

What's New?

-Social Responsibility Festival
-Investor's Guild

Donor Appreciation

Economic Empowerment at
AnewAmerica

Welcome tour 3rd edition of the Investor’s Return (IR), our new bi-monthly eNewsletter! As a valued member of the AnewAmerica community, we are excited to share our latest achievements and those of our clients. 

AnewAmerica’s unique three-year Virtual Business

Incubator (VBI) rests on three cornerstones: the Business Planning college certificate course, financial literacy, and social responsibility.   In the last issue, we highlighted the social responsibility component of our program.  In this issue, we will review AnewAmerica’s work to cultivate financial literacy and asset development with our entrepreneurs to assist them in realizing their own financial security.

Cultivating Financial Security for new American Families and Our Communities

AnewAmerica’s holistic approach to microenterprise development includes a strong emphasis on asset building.  Our goal is to financially empower new Americans, immigrants, refugees, assisting them to create prosperity for themselves, their families, and our communities.  To achieve our mission, we offer access to capital coaching, financial literacy classes, family asset development, and individual development accounts (IDAs). 

AnewAmerica offers classes in financial literacy, savings incentives, and homeownership education to help our client microentrepreneurs achieve their investment goals for their business, their first home, and their retirement.  

The Individual Development Account (IDA) program matches entrepreneurs’ savings up to $3,000 per individual.  Entrepreneurs leverage their financial assets to expand businesses, purchase homes, and further their entrepreneurial education. 

To date, over 125 entrepreneurs have leveraged their savings to accumulate over $525,000.  AnewAmerica’s IDA program is an example of teaching fiscal responsibility in action. 

The IDA program has enabled our clients to achieve the following: Eight family homes purchased; millions of dollars of real estate owned by low-income families; growth of business assets such as laptop computers, a video camera, pizza ovens, commercial janitorial machines, or product inventory like jewelry and artisan materials, African fabrics; travel to cultivate partners and fair trade artisans; attendance at trade shows, and holistic and green business expansion.

Social Responsibility
Festival
June 21st, De La Fuente Plaza, Fruitvale (@ Fruitvale BART), 10:00a.m. - 3:00 p.m.

AnewAmerica in the Media

Television...

Univision Channel  14
AnewAmerica was featured on Univision Channel 14's morning show, Al Despertar on April 29th.

Featured:
AnewAmerica's Director of Community Outreach and Social Resposibility, Edwin Rodriguez; Business Planning Program Manager, Jeff Butler; Development Officer, Britt Riss. AnewAmerica's team will speak about our unique programs alongisde current participants and graduates of our program: Bernina Contreras, Claudia Giraldo Sanchez, Mario Franco, Virginia Vasquez, and Francisco Herrera.

San Jose Update

This spring, AnewAmerica’s San Jose branch launched its inaugural Vietnamese language business planning certificate course.  Less than half-way through the program, four students have already obtained their business license with the support of Program Director, John Nguyen. 

Since January, AnewAmerica San Jose has celebrated the launching of 8 new businesses!

AnewAmerica San Jose is currently offering workshops for 1st time homeowners in foreclosure prevention, as well as classes in credit building, scoring and repair. 

San Jose microentrepreneurs are actively participating in social responsibility projects, including volunteering at churches, food banks, and shelters for battered women.

Development News
AnewAmerica is proud to have received over $85,000 in foundation and corporate grants since the beginning of 2008.  Contributors include AAA of Northern California, Cathay Bank, Comerica Bank, Wells Fargo, and Y & H Soda Foundation.  We have already raised over $70,000 sponsorships for this year’s gala.  Thank you to our dedicated supporters! 

Bridge 2 Success program is off to a great start!

Bridge 2 Success is AnewAmerica’s new mentorship program, partnering a diverse group of volunteer business professionals and students with AnewAmerica’s entrepreneurs, granting them coaching and mentorship in the areas necessary to further develop their microenterprises.

Bridges Update: :Bridges helped entrepreneurs navigate the legal system at the ‘How to Formalize your Business’ workshop! Susana Villarreal from the city of Oakland and Roberto Costa of the Oakland Business Development Center met with entrepreneurs to discuss the legalization process step-by-step, while offering individual advice and information on local resources.

Entrepreneurs enhanced their networking skills with Terry Alderete, Chair of the Hispanic Chamber of Commerce of Alameda, at the ‘How to Network’ Business Action Circle. The workshop was followed by two invites to HCCAC mixers, where entrepreneurs got the opportunity to practice their skills.

May and June: We need 1-on-1 tutoring in the areas of marketing, cash-flow management, technology, business plan review, and action plan building. Bilingual volunteers are highly sought, those with Spanish and Vietnamese language skills in particular.

Profiles

Sponsor Spotlight
Union Bank: Partnering to Empower New Americans
Maria Gallo, Senior Vice President

AnewAmerica’s programs are very much aligned with the key focus areas of our giving program: community development, economic development for business owners, job creation, educational opportunities surrounding running a business, financing a business, and helping people learn to make responsible financial decisions.

Communities benefit from the educational services that AnewAmerica offers in the form of higher employment, higher income levels, employment security, increased civic engagement, and educated financial decisions regarding the health of families.  Overall, stable households have more security, and this assists institutions large and small, Union Bank included.  Empowered communities benefit our system as a whole.

Given the high proportion of the foreign-born population, AnewAmerica fills a niche that is very much needed.  Union Bank respects the work that AnewAmerica and organizations like it are able to successfully execute.  We recognize there are, and continue to be, many partners in the effort to enhance the economic vibrancy of our community.

Volunteer Spotlight: Sophia Brander

While I worked one-on-one with an AnewAmerica entrepreneur, I was very impressed to see how this person with limited English could be so confident and motivated to succeed in this country. I feel that a lot of us who have been in this country all our lives could learn a lot from new Americans when it comes to diligence and self-confidence.

The challenges these immigrant entrepreneurs have aren’t altogether different from the challenges the rest of us have. Their greatest challenge is securing financial assets to start their dream businesses; however, their desire to succeed is so strong, and this is what helps them persevere. 

AnewAmerica is geared toward helping meet the specific needs and challenges of immigrants, a resource they can turn to consistently for help and empowerment to pursue their dream businesses.  It is important for every community to have their own enterprising endeavors. 

Business success has psychological impacts on the community as a whole.  Knowing people in the community are financially successful small business owners indirectly affects the way people feel about their community, who they are, and their potential to succeed.   

Anne Chege: AnewAmerica Super Saver!
Class of 2007

Anne left her native country, Kenya, during a time of social and political unrest:  “In my district we had lost a lot of relatives and acquaintances at the hands of the clandestine movement. My cousin’s murder made me realize the danger that my daughter and I were in. Being a single mother, the decision to look for safety here was of paramount importance.”

 Anne Chege is a prime example of the successes of AnewAmerica’s asset development programs.  One of the most important skills she learned through AnewAmerica was financial planning. She was in debt when she joined the program, but was able to pay it off completely in less than a year. She opened an account with a credit union, refinanced her car, and opened a 401K plan through her employer. Anne also joined AnewAmerica’s IDA program, earning a one dollar match for every dollar that she saved. After making regular monthly deposits for one year, Anne accumulated over $6,000 in savings and earned match which she plans to invest in her business. She says that AnewAmerica emphasized savings and taught her that every penny counts. “Now, if I see a penny on the street, I pick it up!” she laughs.

Anne plans to use her newfound success to open an import business. She will bring coffee and tea from eastern Africa and sell it on her website. Her goal is to open a coffee shop in the East Bay which will also be a cross-cultural center. Anne also hopes to purchase a home. Her credit is so good now that she can even cosign for a loan for her daughter’s graduate school!

Yan Liu & Steve Robinson Double Sales with their IDA Earnings!

Over the past two years Yan and her husband, Steve (both AnewAmerica 2007 graduates), have been building their wholesale and retail business, Lireille: Gallery of Contemporary Jewelry & Art.  From their stylish Piedmont Avenue location, they craft their own designs, using sterling silver, jade, semi-precious gemstones and natural crystals, and display designs from featured international artists. 

Through AnewAmerica’s program, Yan and Steve completed their business plan and joined the IDA program to double their savings. They earned a full match and accumulated a total of $12,000 which they used to purchase several new glass display case and inventory for their retail store. Since purchasing the new display cases, Yan and Steve report that their sales doubled in just the first few months!

Mark your calendar!

AnewAmerica's Social Responsibility Festival
"Building Business...Building Community"

Saturday, June 21st
De La Fuente Plaza
Fruitvale Village (@ Fruitvale BART)
10 am-3 pm

Guest speakers will present on: Food Justice, Immigration Policy and the Housing Crisis. Join us for a day of education, live music, our second annual food contest, and a        
                                                              microbusiness expo featuring our clients businesses!

Invest in an Entrepreneur’s Future Today! 
In response to our supporters, AnewAmerica has created the Investor's Guild.  The Investor’s Guild is a pledge program that allows you to contribute a small amount each month while making a big and long-term investment in new Americans working to build economic stability for their families, communities and America.

It’s fast and easy to join.  Visit our website and follow the link to our secure donation page to set up your monthly pledge to AnewAmerica using your credit card: http://anewamerica.org/investorsguild.htm

Select the amount that fits your budget, and we will process your payment as you choose. To cancel, simply notify AnewAmerica at any time.   For more information, or to make your Investor’s Guild contribution over the phone, please contact us at 510.540.7785 or  InvestorGuild@anewamerica.org.

Thank you to our recent donors!
 

Thank you so much for your continued support,

Sylvia Rosales-Fike
President & CEO