LSUE SIFE in cooperation with the Bank of Commerce and Trust Company created a bank savings program at 12 elementary schools in the Tri-Parish area where 35% of the children are considered at-risk and 55% are economically disadvantaged. The purpose of the banking program was to teach children free enterprise concepts, introduce them to financial planning concepts, provide role models for them, introduce them to business career opportunities, and teach them the importance of an education and staying in school. Lessons included an introduction to the banking system, accounting, the role of banks within the community, how banks make a profit, what they do with their profits, their ethical obligations to the community, and the role banks play within the global marketplace.
The KidzBank produced measurable improvements. Pre- and Post- test scores indicated that the children improved their understanding of how banks work (68%), how market economies work (97%), the importance of personal finance (87%), and the importance of accounting (83%). To date, LSUE SIFE has directed 30 weekly sessions with 12 volunteers participating each week. Results indicated that 1,507 students from 12 elementary schools opened bank accounts totaling $59,427.
KidsBIZ
LSUE SIFE working with the Eunice Elementary School created a manufacturing company called KidsBIZ for a forth grade class where 47% of the students are considered at risk and 53% are economically disadvantaged. The purpose of this KidsBIZ company was to teach free enterprise concepts, introduce them to career opportunities, provide positive role models for them, and teach them the importance of an education and staying in school. Lessions included accounting, advertising, salesmanship, basic principles of supply and demand, product planning and design, skills required to succeed in business, and how to make a profit with a special emphasis on social responsibility. The children earned net profit of $117 from the sale of bracelets and decided to donate 100% of their profits to a local charity.
The SIFE Directory Services
SIFE Directory Services was created to cultivate and promote entrepreneurial spirit throughout the Tri-Parish area, as well as fostering a better understanding on how to integrate the free enterprise system with the concepts of social investment. Working with the Greater Eunice Interagency Council, the United Way, and the Eunice Chamber of Commerce, LSUE SIFE created six directories that focused on both the educational and public information needs in St. Landry Parish. The three public information directories included the 1st ever Minority Owned Business Directory, the 1st ever Directory of Women Owned Businesses, and the 1st ever Greater Eunice Resource Directory.
