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UMLF is eBay Foundation Techquity
Program Partner
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The
Utah Microenterprise Loan Fund is one of four organizations selected
nationwide to participate as a local partner in the eBay Foundation
Techquity Program. The eBay Foundation Techquity Program was
developed to assist microentrepreneurs in purchasing computers and/or
related technology that will enhance or improve their businesses.
In addition, the UMLF will work with awardees to provide technology
training that will help them make the most of technology in their
businesses.
Awards
for UMLF Clients –Many UMLF
clients do not have access to and/or cannot afford to purchase
the technology that would help their businesses run more efficiently.
Through the eBay Foundation Techquity Program, the UMLF will
be offering awards of $500
to $1,600 to eligible clients to purchase technology and participate
in related training. Awards can be used for computers, printers,
scanners, fax machines, software and more. While some UMLF
clients may be purchasing their first computer and learning
the basics, others will be upgrading their systems and learning
how to use more advanced software programs. We want to encourage
UMLF clients to embrace technology from using word processing
and spreadsheets to fully utilizing the Internet and doing
business on-line. |

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eBay
Foundation Techquity Program
Techquity
awards are
available to all new UMLF clients, those who have had
a loan in the last two years and are operating a small
business. To apply
for award money, clients will fund a minimum of 20 percent
of the total technology purchase price; the UMLF will
award up to 80 percent of the remaining amount. For
example, if you would like a laptop that costs $1,000,
the UMLF will provide up to $800. Applicants will also
need to:
Have an updated business
plan
Explain why you need technology
for your business
Explain why you can’t afford
technology on your own
Be willing (not necessarily
required) to participate in technology training
Be able to provide a minimum
of 20 percent of the purchase price
Be willing to share information
about your use of technology with UMLF
For
more information, contact Laura Lincoln at 801-746-1180. |
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Technology
Training - Microentrepreneurs
are anxious to learn additional skills to help them succeed
in their businesses. In today’s economy, the use of technology
is an essential business skill. And while traditional Community
Technology trainers can offer excellent technology education
courses, they do not offer this training in a business context.
Providing
the training from a business perspective motivates microentrepreneurs
who perceive the connection between adoption of new skills
and financial gain.
Through
local partnerships, the UMLF will offer technology courses
taught specifically for the business client, offering them
tools to complement their growing business endeavors. This
will range from the most basic training to more advanced computer
software programs.
The
UMLF would like to express its gratitude to the eBay Foundation
for support of this new project and looks forward to a very
successful first year. |
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eBay
Foundation Techquity Program - 2006 SUCCESS STORIES (excerpt)
| Bonnie
Dallimore
Plant
Jungle
Salt
Lake City, Utah |
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| Bonnie
Dallimore was attracted to the independence of business ownership
and wanted to control her own financial destiny. After leaving
her job in Texas to return to Salt Lake City, Bonnie waited
tables and created unique plant containers on the side. Six
years later in 1996, she took $300 and started Plant Jungle,
selling live and silk indoor plants. After two years as a
business owner, Bonnie was looking for funding to grow her
business and turned to the Utah Microenterprise Loan Fund
(UMLF) for assistance. |
Over
the past eight years, UMLF has provided Bonnie with three
loans, which she has used to purchase inventory and equipment
for Plant Jungle. She says, “UMLF provided us (Plant Jungle)
with much needed cash infusion, giving us the capability to
grow our business. They also provided training.” In April
2006, UMLF granted Bonnie an eBay Foundation Techquity award.
The
$1,600 Techquity award was combined with $530 of Plant Jungle
revenue to provide a complete technology overhaul for the
business. With the funds, Bonnie purchased a new laptop, wireless
Internet card and three new software packages. She says, “The
laptop and software have significantly upgraded our ability
to perform basic business management functions. Previously,
we had to prepare cash flow statements manually. Now we can
work with electronic versions, allowing us to assess our financial
situation much more easily and accurately.” Prior to the technology
overhaul, Bonnie faxed all documents to her customers. Access
to email makes communication easier and increases the professional
image of Plant Jungle.
Since
receiving the award, Bonnie has seen a 10% increase in profits
and customers. She explains, “Sales practices have improved
significantly because we can give our clients visual representations
through PowerPoint, allowing them to make more knowledgeable
purchasing decisions and allowing us to shorten the sales
cycle.” |
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Somer
Gardiner
Soul
Spun Yarn and Art
Salt
Lake City, Utah |
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| Before Somer Gardiner opened
her yarn and knitting supplies store, Soul Spun Yarn and
Art, she sold her products at the farmer’s market. As
she expanded to boutiques and other outlets, she started
thinking about intensifying the business by setting specific
financial goals. Through these efforts, Soul Spun Yarn
and Art was born, and in 2004, Somer turned to the Utah
Microenterprise Loan Fund (UMLF) for business financing. |
Somer
found that she qualified for a loan from UMLF, and used
these funds to purchase start-up inventory, furnishings
and other necessities for her new business. She says,
“Through the support and encouragement offered by UMLF,
our business has benefited greatly. UMLF has been a
powerhouse of support for the local entrepreneur. I
appreciate their help, and the kind and familiar faces
that serve as guides through the sometimes murky, uncharted
waters of business.”
UMLF’s
support for Somer continued when she was awarded $1,600
through the eBay Foundation Techquity Program. By combining
the award with $500 of her business earnings, Somer
purchased an Internet-compatible point-of-sale system,
print shop and word processing software and a new monitor.
The point-of-sale system gives her the ability to track
inventory efficiently and accurately, and to broadcast
messages to customers about sales and other events.
She is excited to see that some of her customers respond
immediately to these messages.
In
the eight months since Somer received the Techquity
award, she has seen a 33% increase in revenue, and an
approximately 10% increase in customers. She is also
happy to report many customers are discovering Soul
Spun Yarn and Art online through the website. The award
has also impacted more than just her bottom line. She
explains, “The eBay Foundation Techquity award has had
a tremendous impact on our business, not only in the
tangible realm, but the intangible as well. There is
something profoundly significant about receiving such
a gift. It buoys the business spirit, creates the ability
to reach your goals more quickly and efficiently and
opens new avenues to reach towards becoming more professional
in everything we do.”
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