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The micromax challenge: Turn $100 into an opportunity February 1, 2010
Details:
From the Opportunity International Canada website:
Microfinance: Can you turn $100 into an opportunity?
Microfinance provider Opportunity International Canada is offering 100 “loans” for young Canadian leaders and entrepreneurs aged 18-35 who are interested in becoming “microentrepreneurs” in Canada. Applicants can apply individually or in groups of up to three people by completing an application form (available February 1). Successful applicants will receive a $100 loan (similar to the size of an average first loan to our clients) to be used as start-up costs for a fundraising venture on behalf of OIC.
Enjoy getting a small taste of clients’ entrepreneurial challenges as you are faced with the need to ‘get creative’ in order to make a profit and repay the initial loan!The deadline for applications will be February 28 and successful participants will be notified in early March. You will then have three months (March 15, 2010 to June 15, 2010) to use the initial loan for the purpose of hosting an event, selling your art, having a silent auction, holding a bake-sale – anything you want to help raise money! We will provide you with a basic toolkit to help get you started and even connect you with a "loan officer" - an OIC volunteer who will assist you with brainstorming ideas, connecting you with fellow MicroMax entreprenuers, and tracking and sharing your success.
The MicroMax Challenge has been made possible by the Catalyst Foundation.
Grand Prize: All applicants will be eligible for the MicroMax grand prize - an all-expenses paid trip to Colombia in late August to visit trust groups and meet our clients. Three prizes are available. If the winning team is made up of less than three people, the winner(s) may invite up to two others to join the trip (guests will be responsible for an honorarium of $200 each).
Winners will be evaluated based on the following criteria:
70% financial goals
- 60% total amount raised
- 10% totals compared to goal (was the plan realistic or was fundraiser drastically more or less successful than anticipated and why?)
30% non-financial goals- Originality/creativity/effectiveness - measured both in terms of marketing, the business idea itself
- Outreach – promotional and/or awareness building activities are undertaken and tracked, target goals were met
- Number of contributors – defined to include volunteers, donors and “customers”
Challenge Proceeds: All money raised by the challenge will be directed to OIC and specifically used to expand Opportunity’s core set of microfinance services (with the addition of a newly developed Youth Entrepreneurship Program) to a new area in Colombia through OIC’s “Villages of Opportunity” program. The expansion of our work in Colombia is part of an ambitious $150,000 goal set by “Young Ambassadors for Opportunity” (YAO), Opportunity’s movement for 18 – 35 year olds (http://www.opportunityinternational.ca/yao). As well, all money raised by the MicroMax Challenge will be matched by a generous grant provided by Face of Today Foundation - an organization led by a group of young Canadians who are focused on “turning dreams into reality.”Ready to apply? We are looking for participants from a wide variety of backgrounds, not just those with previous experience as an entrepreneur or fundraiser. Microfinance in general aims to give everyone an opportunity to succeed. Creativity, a well-thought out plan of action, enthusiasm and a desire to succeed will be the items we are looking for on your application. Please complete all sections of the application with as much detail as possible. Click HERE to download the application now!
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