Micro Enterprise Development Process

Stage 1. IMED’s team works with the community to identify potential entrepreneurs. The team conducts initial interviews about the IMED process, roles and responsibilities, and financial aspects with potential candidates. Entrepreneurs who meet the initial screening criteria attend a learning session in Stage 2 that explains the research and analysis required to write a business plan.

Stage 2. In a classroom setting, IMED team members teach entrepreneur candidates the building blocks of a strategic business plan. Instruction includes how to: conduct a market analysis, estimate start up capital and supply costs, project labor expenses, estimate taxes, determine cash flow. Part of their research assignment is determining the size of the micro loan and projecting a repayment plan.

Stage 3. Prospective entrepreneurs work with IMED to produce business plans addressing marketing strategies, detailed investment requirements (facilities, supplies, equipment), labor costs, and a one to three-year financial spreadsheet forecasting earnings, costs, loan repayment schedule, etc.

Stage 4. Completed business plans from Stage 3 candidates are packaged as proposals for funding, and IMED staff seeks to match micro loan candidates and their enterprises with appropriate loan resources. Most micro loans are under $1000.

Stage 5. For those enterprises that receive funding, IMED business trainers conduct participatory business management training entrepreneurs.. This workshop focuses on the nuts and bolts of actual day-to-day running of a business. Curriculum addressed: Relationship Management, Sales and Service, Financial Management, Strategic Planning.

Stage 6. Entrepreneurial support includes. IMED team members meeting with entrepreneurs on a periodic basis to discuss business successes and challenges. IMED coaches owners on solutions for maintaining business health and can provide planning for stimulating growth.