To transform one’s life is to become changed in some meaningful way. To transform one’s community is to make it a better place to live for all of its people. At New Visions, New Ventures we are steadfastly committed to fostering transformation for both individuals and the community and in 2006 we celebrated success on both of these fronts. As you read through our Annual Report, you will see the tremendous impact that our programs are having – whether it is helping individual women achieve economic success, or helping to strengthen the community as a whole through small business development, job creation, and the promotion of financial literacy.
A few highlights…
Through our Women’s Business Center, 57 new businesses were started, 158 existing businesses were assisted and 163 jobs were created. Additionally, through our work as a Technical Assistance Provider for the U.S. Small Business Administration’s Community Express Loan Program, locally owned businesses received nearly $700,000 in small business loans. Small businesses are the backbone of the American economy, creating 75% of all new jobs, and at New Visions, New Ventures, entrepreneurs and small business owners are getting the training, counseling and financing they need to succeed.
Also in 2006, we celebrated the grand opening of our kitchen incubator, operated in partnership with the Berryman Center, which provides women with food-related businesses access to a large workspace, a commercially licensed and insurable facility, and high-quality equipment and amenities. Additionally, we began planning for the launch of Breadwinners, a culinary business initiative that provides hands-on work experience for participants while simultaneously generating revenue for the organization. To support this initiative, we developed a partnership with Centenary United Methodist Church and will be leasing space in their kitchen facility as well.
Through our Financial Freedom program, we’re proud to have provided 251 individuals with classroom training related to money management and credit repair. This nation is facing a looming financial literacy crisis and the consequences are particularly dire for lower income individuals. As such, we have worked diligently to expand the reach of this program and in 2006 we were able to collaborate with several new community partners who share our commitment to economically empowering women. Success with our Individual Development Account program continued, as we opened 24 new accounts in 2006. The IDA program is true testament to the fact that low-income people can and will save when given the right education and opportunity. Nationally, households are saving $0 or spending more than they earn every month. By comparison, our participants on average are saving $39 per month.
As we reflect on our success in 2006 and look forward to an even bigger year in 2007, we want to extend a heartfelt THANK YOU to all of our clients, partners, volunteers, supporters, funders and friends. Through our collective energies and commitment, we truly can transform individual lives and make this community a better place to live for all of our people!
Ann Parker Maust, Ph.D.
President
