Enterprise Mentors International
Encyclopedia
Enterprise Mentors International (DBA Mentors International) is a 501(c)(3), nonprofit organization
Nonprofit organization
Nonprofit organization is neither a legal nor technical definition but generally refers to an organization that uses surplus revenues to achieve its goals, rather than distributing them as profit or dividends...
based in Draper, Utah
Draper, Utah
Draper is a city in Salt Lake and Utah Counties in the U.S. state of Utah, located about south of Salt Lake City along the Wasatch Front. Between 1990 and 2000 Draper was Utah's fastest-growing city over 5,000 people . Its population in 1990 was 7,143 and had grown to 25,220 by the 2000 census...
, that uses microenterprise, mentoring, and business training to alleviate poverty worldwide. Mentors International was officially founded in 1990 by a group of businessmen with extensive international business and humanitarian experience in developing countries. This spearheading group knew that poverty in developing countries could be alleviated by building grassroots enterprises using microcredit and education to help the impoverished achieve self-reliance. It's current CEO and President is Mark L. Petersen.
History
The organization dates back to 1989 when St. Louis businessman, Menlo F. SmithMenlo F. Smith
Menlo F. Smith is a prominent St. Louis businessman. He has also been a leader in The Church of Jesus Christ of Latter-day Saints both in St. Louis and in the Philippines. He is also a benefactor of Brigham Young University and the founder of Enterprise Mentors International.Smith was born in St....
, returned to the United States after working on a three-year humanitarian project in the Philippines
Philippines
The Philippines , officially known as the Republic of the Philippines , is a country in Southeast Asia in the western Pacific Ocean. To its north across the Luzon Strait lies Taiwan. West across the South China Sea sits Vietnam...
. Smith became aware of the tremendous load carried by those who have so little during his time in the Philippines
Philippines
The Philippines , officially known as the Republic of the Philippines , is a country in Southeast Asia in the western Pacific Ocean. To its north across the Luzon Strait lies Taiwan. West across the South China Sea sits Vietnam...
. He also became determined to find a proactive way to lift poor entrepreneurs from poverty.
Smith soon joined with Warner P. Woodworth
Warner P. Woodworth
Warner P. Woodworth is a professor in the Department of Organizations Leadership and Strategy in the Marriott School of Management at Brigham Young University . He is a leading advocate of development of micro-credit and has been involved in researching as well as developing such...
of the Marriott School of Management
Marriott School of Management
The Marriott School of Management is a business school located in Provo, Utah at Brigham Young University , a private university in the United States owned by The Church of Jesus Christ of Latter-day Saints...
at Brigham Young University
Brigham Young University
Brigham Young University is a private university located in Provo, Utah. It is owned and operated by The Church of Jesus Christ of Latter-day Saints , and is the United States' largest religious university and third-largest private university.Approximately 98% of the university's 34,000 students...
and businessman Steven H. Mann, who had experience in international training, to put the process in motion. Together, they organized a group of graduate students to study opportunities and develop networking contacts in the Philippines
Philippines
The Philippines , officially known as the Republic of the Philippines , is a country in Southeast Asia in the western Pacific Ocean. To its north across the Luzon Strait lies Taiwan. West across the South China Sea sits Vietnam...
. A strategic planning team met in Manila in September 1989 and concluded that the poor in the country could best be served by a self-help program offering microenterprise training, mentoring and microcredit
Microcredit
Microcredit is the extension of very small loans to those in poverty designed to spur entrepreneurship. These individuals lack collateral, steady employment and a verifiable credit history and therefore cannot meet even the most minimal qualifications to gain access to traditional credit...
.
By January 1990, Mentors was formed in St. Louis, Missouri, and its first partner organization, the Philippines Manila Development Foundation (PMDF) was organized in Manila with a local board of volunteer directors and a small staff. PMDF is now completely self sufficient, which means all operating costs are covered through interest from the micro loans. Mentors continues to provide annual support to the PMDF Loan Fund, which is then repaid to the parent organization.
Mentors has now established seven partner organizations in all: three in the Philippines
Philippines
The Philippines , officially known as the Republic of the Philippines , is a country in Southeast Asia in the western Pacific Ocean. To its north across the Luzon Strait lies Taiwan. West across the South China Sea sits Vietnam...
, along with organizations in Guatemala
Guatemala
Guatemala is a country in Central America bordered by Mexico to the north and west, the Pacific Ocean to the southwest, Belize to the northeast, the Caribbean to the east, and Honduras and El Salvador to the southeast...
, Honduras
Honduras
Honduras is a republic in Central America. It was previously known as Spanish Honduras to differentiate it from British Honduras, which became the modern-day state of Belize...
, El Salvador
El Salvador
El Salvador or simply Salvador is the smallest and the most densely populated country in Central America. The country's capital city and largest city is San Salvador; Santa Ana and San Miguel are also important cultural and commercial centers in the country and in all of Central America...
and Peru
Peru
Peru , officially the Republic of Peru , is a country in western South America. It is bordered on the north by Ecuador and Colombia, on the east by Brazil, on the southeast by Bolivia, on the south by Chile, and on the west by the Pacific Ocean....
. As of January 2010, over 1.6 million individuals in these countries have escaped poverty through the formation of small businesses with loans funded by Mentors.
Mentors extends loans to people of all creeds and faiths and strives to mentor clients with proven business principles to ensure successful enterprises.
Mentors was led by G. Richard Oscarson from 1997 to 2007. The current president and CEO is Mark L. Petersen, and chairman of the board is Ralph Christensen, former managing director of human resources for Hallmark Cards
Hallmark Cards
Hallmark Cards is a privately owned American company based in Kansas City, Missouri. Founded in 1910 by Joyce C. Hall, Hallmark is the largest manufacturer of greeting cards in the United States. In 1985, the company was awarded the National Medal of Arts....
. Adriano Oliviera serves as the Director of International Operations. James Marsden is the Director of Fund and Corporate Development. The title of Director of Finance and Administration belongs to David Stump. Mentors International's Development Coordinator is Shannon Willardson and their Office Manager is Lauren Kwasniewski.
Approach
Our mission is to end poverty through self reliance. The mission of Mentors International in developing countries is to assist individuals and families that struggle for self-sufficiency as they attain a self-reliant livelihood. This is achieved by providing enterprise activities and educational assistance such as trainings, character development guidance, counseling, mentoring, and of course, small business loans.In developed countries, Mentors’ mission is to provide those with the means and desire to assist the poor in a meaningful and lasting way, with proven and practical methods to extend a hand up, not a handout.
Our values support our mission. Mentors' operating philosophy and policies are based on the value system that a successful life, business or society can be built only by building individual character.
Distinguishing Factors
These factors distinguish Mentors International from many other nonprofit and microfinance organizations:Mentors generate more impact with a dollar. Your dollar gives over and over again with our perpetual model. Clients repay their loans with interest at reasonable interest rates to Mentors to help fund new loans, making your contribution last.
Mentors does not believe in handouts. With Mentors’ guiding principle of a hand up, not a handout, the donor-recipient relationship is transformed. Mentors serves only individuals and families that demonstrate integrity and the motivation to lift themselves out of poverty.
Mentors teach accountability. Mentors requires full, on-time repayment of loans. Promoting integrity, Mentors provides follow-up to ensure that its clients implement steps toward accountability in their lives. Mentors’ loan repayment rate averages at 97 percent. Mentors serves many communities where 100 percent of clients pay back every loan.
Mentors assign their clients a mentor. Unlike many microfinance organizations, Mentors provides a high degree of ongoing, personalized training and mentoring. The knowledge and encouragement clients receive are vital to their success as they build businesses and become self-reliant.
Mentors does not solicit or accept government assistance. All contributions to Mentors are purely voluntary. Mentors does seek grants from family foundations and charitable organizations.
Impact
Mentors has extended 216,663 small business loans and created 43,226 jobs, impacting 1,689,900 people in Latin America and the Philippines. Since 1990, Mentors has loaned $36,314,868, with an impressive average repayment rate of 97 percent.Annual Events
Mentors organizes an annual Gala every October in an effort to gain interest and support for their organization. Past performers have included: The Tabernacle Choir, The Five Browns, David Archuleta, and most recently, Jenny Oaks Baker and Lisa Hopkins Seegmiller.Mentors also invites their donors to a luncheon every spring to thank them for their charitable contributions as well as provides them with updated financial standings and client success stories.
Further reading
- Mormon Tabernacle Choir and Laura Bush Honored At International Charity Gala Called “Celebrating a Legacy of Hope”, Meridian Magazine, November 2008
- Impossible Dream Becoming Reality, Church News, R. Scott Lloyd, November 2008