FAQs
WHAT IS MICROENTERPRISE?
Microenterprise is a strategy that enables individuals to achieve economic self-sufficiency by starting and growing their own businesses. Usually started with less than $35,000 and employing five or fewer people, these small businesses are actually the greatest job generator during all business cycles. Many of them start as part-time or home-based businesses.
WHAT IS MICROENTERPRISE DEVELOPMENT?
Microenterprise development is a process of providing services such as training and technical assistance to new, prospective, and experienced small business owners. Microenterprise development reduces the risk associated with running a business and increases the microentrepreneurs chances of success.
In addition to training and technical assistance, microloan funds are made available to help with start-up or expansion of the small business. Microenterprise programs also help small businesses grow by providing business incubators, mentoring and coaching, and access to markets and technology.
WHO PROVIDES MICROENTERPRISE SERVICES?
Microenterprise services are usually provided by community-based nonprofits or agencies, and are funded through partnerships with government agencies, foundations, private industry, and individuals.
HOW DOES MICROENTERPRISE DEVELOPMENT BENEFIT THE COMMUNITY?
- Reduces public assistance costs such as welfare and unemployment
- Increases the number of jobs created
- Improves the local business environment, increasing commercial occupancy and development and sales tax collections
- Increases the diversity and availability of goods and services in the community
- Reduces default and delinquency rates of small business loans
HOW DOES MICROENTERPRISE DEVELOPMENT BENEFIT INDIVIDUALS?
- Improves business profitability
- Improves economic self-sufficiency for families in poverty
- Increases business skills and self-esteem
- Improves access to community resources and credit opportunities
WHAT IS CAMEO?
CAMEO is a statewide association of organizations, agencies, and individuals dedicated to furthering microenterprise development in California. CAMEO:
- Builds the capacity of practitioner organizations to better meet customer needs
- Improves the working environment for microenterprise by educating the public and advocating on behalf of microenterprise development
CAMEO's mission is to increase opportunities for low-income people and communities by building the capacity of California's microenterprise organizations.
HOW CAN CAMEO FURTHER MICROENTERPRISE IN MY COMMUNITY?
- By providing training and technical assistance for microenterprise service providers
- By providing information on microenterprise program funding, research, resources, and partnerships
- By hosting public education events that showcase the field of microenterprise development and make the case for community support
- By facilitating community efforts that support microenterprise development
- Through advocacy efforts on a federal, state, and local level