Microenterprise/Microfinance

A similar type of savings and credit association that operates like an informal credit union is an Accumulating Savings and Credit Association (ASCRA). These associations, with considerably larger groups ranging from several hundred to several thousand members, accumulate their savings for a certain period of time, usually one or several years. After this time period has ended, participants? savings are redistributed and used for a large purchase, event, investment or other purpose by an individual or group. During this saving… more

The demonstration will be implemented in seven sites across Maine, Minnesota, and Pennsylvania, serving a minimum of 2,000 people. The program will be open to all prospective and current entrepreneurs, but will specifically target immigrants, low-income populations, and existing small businesses.

Since the Fund was created in 1994, its funding has varied from year to year. It reached its highest point in Fiscal Year 2001, with $118 million appropriated. This has since declined to $80 million in FY 2002, $75 million in FY 2003, $63 million in FY 2004, and an estimated $56 million in FY 2005.