UMLF
Who We Are Who We Are Our Loan Programs Steps to Apply Meet Our Borrowers FAQs
Brighter Futures Utah Microenterprise Loan Fund
eBay Foundation Techquity Program
 
   
 
 

UMLF is eBay Foundation Techquity Program Partner

________________________________________________________

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.

 

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.

 

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.


 

eBay Foundation Techquity Program - 2006 SUCCESS STORIES (excerpt)

Bonnie Dallimore

Plant Jungle

Salt Lake City, Utah

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.”

 

Somer Gardiner

Soul Spun Yarn and Art

Salt Lake City, Utah

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.”

 

 

 

 

 

   

.

 

 

 




What is Microenterprise?  |  Who We Are  |  Our Loan Programs  |  Steps to Apply
Meet Our Borrowers  |  FAQs  |  Home

© Copyright 2003, Utah Microenterprise Loan Fund. All rights reserved.