You are the a program director of a microenterprise program called Pennies from Heaven

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You are the a program director of a microenterprise program called Pennies from Heaven (Pennies), located in Washington Heights, which helps new and low income business owners access non-traditional forms of credit. Your organization has a 20-year history of partnering with new business owners and is a champion of entrepreneurs across the city. Besides making start-up loans, your organization also helps with workshops in marketing and bookkeeping, creating a website and preparing and paying taxes. But you and your colleagues also observe that many adults in your community (including some of the borrowers who approach your program) truly lack money management skills and thus are unable to optimize their earnings. They are unbanked or in debt or both. You can see that they fall victim to predatory practices like payday loans or buying on installment plans, or using check cashing services and pawning valuables in emergencies. You approach your CEO about starting a new initiative in financial counseling. You get a green light from the agency, with the advice from the senior team that they anecdotally know many people don’t have bank accounts or have terrible credit, so they see those issues as good issues for the program to address. They also believe that given the need in the community and resources for this issue that some important parameters are as follows: (a) it is worth doing a pilot if the numbers can be meaningful enough to make a difference in the community so the group should serve about 500-1,000 people annually and (b) they believe it is possible to raise up to $1m for this purpose. You are asked to design the program which can feature workshops or individual counseling. It should be offered at no cost to clients and it should show outcomes related to the above-referenced challenges stated and should feature knowledge gained and behavior changes after one year. Please prepare a 2-3 page document outlining your ideas, including the challenge, the approach you would take in creating a program and separately, the very basic direct costs. You should think about the program concept and goals, the delivery method and the pricing strategy so that you can prepare a budget. Your agency can partner with other groups or offer the assistance at your headquarters.

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