MFI Start-Up Checklist

Learn about community

The first thing to do before starting is to figure out if there is a need for what you would like to start in the community. This step is not difficult or expensive, but it is important to learn about your campus community and what services already exist for your potential target market. Host a focus group, ask small business owners to fill out a questionnaire, and set up meetings with local nonprofits. Begin to narrow your target market and learn who your ideal client is - see the Chapter on Marketing for an in-depth guide on completing this step. Completing this step will lay the groundwork for building credibility within the community you will be working with. It will also help you to craft a compelling vision to describe your organizations niche to funders, advisors, and staff. Write down what you have learned about your community. Answer these questions: 1. What demand exists for microfinance in your campus community? _______________________________________________________ _______________________________________________________ _______________________________________________________ 2. Who else is offering microfinance services or products? _______________________________________________________ _______________________________________________________ _______________________________________________________

Mission statement
What problem exists that we are trying to solve? _______________________________________________________ _______________________________________________________ What is our solution? _______________________________________________________ _______________________________________________________ What program activities will we focus on? Trainings, workshops, loans? _______________________________________________________ _______________________________________________________

From the Campus Microfinance Alliance Start-Up Kit

MFI Start-Up Checklist

Craft a compelling story and elevator pitch that clearly explains your organization's purpose and objectives. Get help in the Chapter on Organization Development.

Build a Team
Recruit 4-7 volunteers to join leadership of MFI. See tips and resources in the Chapter on Staffing & Management. Who is on your team and what are their roles? Name 1. 2. 3. 4. Role

Decide legal structure

Should you register as a nonprofit corporation? Will you seek out fiscal sponsorship from another community nonprofit? Can you rely on your universitys infrastructure? See the Chapter on Legal considerations for advantages and disadvantages to different models. Our model is _______________________________________________________ _______________________________________________________

Raise Money
Strive to raise $1000-3000 to get started. Check out the Chapter on Fundraising for strategies and tools to help you generate start up funds help to for nonprofit registration, setting up management systems and implementing your first training class. Download a template for organizing your fundraising pipeline here.

Manage Money
Set up a bank account and processes for paying vendors. Bank Name: ______________________________________________ Account Name: ____________________________________________ Bank Account No:______________________________

From the Campus Microfinance Alliance Start-Up Kit

MFI Start-Up Checklist

Bank Account Opened Date: _______________________ Signers on the account:___________________________

Recruit Your First Client Prepare a training curriculum. Learn more about training services in the Chapter on Training. Choose a curriculum to use so you can recruit clients for your first class.

From the Campus Microfinance Alliance Start-Up Kit