Five Talents may be headquartered out of a small office in Vienna, but the non-profit group has helped start many new businesses across the globe.
The organization, now based in 12 countries worldwide, provides financial support for those who need it. But rather than just sending a check, Five Talents helps communities start businesses with the goal of creating long-term financial stability, not just a one-time gift that fades over time.
"Our mission is to go to the places other people don't go, and to provide financial services and inclusion to folks that don't have an opportunity to be included otherwise," said Sonia Patterson, executive director of Five Talents.
The company's main work is starting micro-finance communities, which helps those without regular income in impoverished countries start their own businesses and create long-term cash-flow for both their families and their communities.
Five Talents identifies several individuals in the same community to start businesses at once, to help build a local network of support, and then helps them secure small-business loans — a resource often not available in the areas in which they live.
Many people in the program would otherwise take expensive bus trips or walk many miles just to arrive at the closest bank, said communication manager Charlie Shifflett —even if a bank was located conveniently, it can charge very high interest rates that make it impossible for a new business to generate a profit. Often times, these people must turn to informal money lenders for a loan, but those loans can charge upwards of 800 percent interest.
The average loan provided by Five Talents is just $59. But unlike in America, a loan that size goes a long way. Seventy-six percent of loan recipients are women who are aiming to become more independent in society, and each loan benefits seven people on average, typically children or siblings or the recipient, Patterson said.
"These people are living with constant obstacles and dangers," Patterson said. "Finding something that gives them a sense of hope and change, something that they can actually do is truly transformational."
After receiving a loan, community members help each other identify a business with a good chance of success in the marketplace.
Shifflett recounted a story about a past member of the program in Burundi who wanted to sell peanuts. Community members noted there were already businesses selling peanuts at the local market, and recommended this new business owner sell peanut paste instead in order to carve out a stronger niche in the market. Thanks to the support from other community members in the Five Talents program, the peanut paste business was a success.
Beyond the business loan, Five Talents also offers programs like literacy and basic math training, as well as skills for managing an income and saving money long-term.
Eventually, participants will pay the original loans back with the revenue generated from their businesses.
Shifflett emphasized the community model as something that sets Five Talents apart from other programs with similar intentions. The communities act as support systems, helping the first-time business owners through the struggles of starting a brand new business, and providing financial support for one another should one business struggle in its early stages. That sense of community, Shifflett said, is what so often leads to success for those that participate.
Patterson stressed that none of what Five Talents does would be possible without the support it receives from the Vienna community, including churches in the area as well as local business owners throughout the town.
"It's affirmation of the work that we are doing," Patterson said.
More information: Click here to find Five Talents on Facebook, and follow the organization on Twitter at @FiveTalents.
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