Economic Development Program

Three basic needs and problems were identified: 1. Lack of access to capital. 2. Lack of financial and economic literacy. 3. Absence of businesses, particularly indigenous businesses. These three problem and need areas will be addressed with the following outreach activities.

Access to Capital and the Microcredit Program. The overall objectives are to provide financial resources to Neighborhood residents and, in general, to educate people about financial matters. This will be done by establishing a microcredit program. The material attached explains in some detail how this will operate.

So far we have raised $1000 with promises from two other sources for another $1000. We have made several loans to individuals and have made a "group" loan to Union Community Church that Reverend Jones is distributing as needed for prescription drugs

Lack of financial and economic literacy. The goal is to increase the financial and economic literacy of Neighborhood residents. The plan has been to adopt a program that was developed by Purdue University's Extension Service called "Making Your Money Work". It is a 10-week, 10-session curriculum. It will be adapted for use with the specific needs of Hilltop residents. The course will be taught by Caroline Shook of Housing Opportunities.

Absence of business and indigenous businesses. The goal is to increase the number of indigenous business in the area. Some degree of financial and economic literacy as well as some degree of capital is necessary to start up a business. The first two components - increasing access to capital and increasing financial literacy - will promote this third piece of increasing the number of business start-ups in the neighborhood.

We will first identify persons who are both interested and capable of starting their own business. This will be accomplished as community residents go through the financial literacy program and join the microcredit program. It also will be promoted by holding a regular series of informational meetings in the community room of the Hilltop Community Health Center.

We will then develop a business-mentoring program that will include developing the program, training mentors and matching mentors with persons seeking to develop businesses.

Adapt a business development program to the specific needs of the neighborhood and provide other interested residents access and referrals to entrepreneurial and small business programs offered by local University extensions, the Small Business Administration and other similar organizations. We will attempt to provide access to capital through the microcredit program for assistance with the start up costs associated with beginning a new business.