Social Purposes Enterprises: Case Studies for Social Change by Jack Quarter Sherida Ryan Andrea Chan

Author:Jack Quarter, Sherida Ryan, Andrea Chan
Language: eng
Format: epub
ISBN: 978-1-4426-6379-4
Publisher: University of Toronto Press
Published: 2015-01-05T16:00:00+00:00

Conclusion

This chapter has reported on two studies of borrowers in a microloan program in southern Ontario, which were undertaken at the beginning and end, respectively, of the five-year period ending in 2012. The chapter has used this research to assess the experiences of individual microentrepreneurs and that of the program delivering capital and other support to them. The research indicated that pressure from the economic downturn of these years intensified, especially for longer-term borrowers in the portfolio, and that borrowers faced real challenges in maintaining viable businesses during the period. Nonetheless, overall, most borrowers made it through the period with their businesses intact and did not return to government assistance. The tools of microcredit and microenterprise enabled them to navigate the economic storm. And there is some evidence to suggest that they did so more successfully than other small business owners in Ontario and Canada during the same period.

The studies also showed that the microloan program itself should be adapted to respond to the new conditions faced by its borrowers. In late 2012, Alterna Savings made significant changes to its Community Micro-Finance Program that were aimed at enabling its members to more effectively build resilience in the years ahead. A clear majority of these members in the program are women. The credit union is committed to accompanying these women and men in the next phase of their entrepreneurial efforts, while expanding the microloan portfolio. At the same time, the next phase of the work of the research partnership between Alterna Savings and Carleton University will create new knowledge to assist the credit union with further learning and adaptation. For all the parties involved, this important journey continues.

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