It’s rare that an event can claim to be not only interesting and entertaining but also innovative and beneficial to the community. This Saturday, such an event will take place from 11 a.m. to 3 p.m. at the corner of North Grand and Page boulevards. The St. Louis Street Market is a new way for the people of St. Louis to put a few extra dimes in their pockets as self-employed street vendors.

Founded and organized by Washington University seniors Sumit Agarwal and Nikhil Agrawal, the market will allow vendors to sell various goods to the rest of St. Louis as a way for these suppliers to gain supplementary income. The idea for the market was inspired by Nobel Peace Prize winner Muhammad Yunus’s book “Banker to the Poor” and his philosophies on microfinance.

“The idea is to give small loans to the poor to start their own business,” Sumit Agarwal said. “This in turn gives them money to invest in themselves and improve their overall welfare.”

While such small loans (as low as $5 or $10) can be helpful in Third World countries, they are not effective in the United States; this makes it difficult for individuals of lower socioeconomic status to start their own businesses. Through their research on microfinance, Sumit Agarwal and Nikhil Agrawal realized part of this problem was the high startup cost of a new business, which can include obtaining licenses, renting a storefront, buying materials and a multitude of other expenses. This is why Sumit Agarwal and Nikhil Agrawal decided to create a street market allowing vendors to start or build their own business without the cost of renting a storefront. They have been planning the event since last summer and are funding it with their own money and donations. There is also no fee to become a vendor.

While the event is only one day this year, the founders hope that the market will be grow into a self-sufficient weekly event, with a consistently high number of vendors by the end of next year. This will create a community of vendors who can share tips and ideas on running a successful small business. It will also create additional income for the venders and their families to rely on.

“The money from the market will most likely function as supplemental income,” Sumit Agarwal said. “One of the problems with poverty is that the poor can’t save. This money will allow vendors to invest in other things, like their kids. That’s part of the reason why we scheduled the market for the weekend, so that people with a part-time or full-time job during the week could still participate.”

To find venders, Sumit Agarwal and Nikhil Agrawal went around Jeff Vander Lou, a poorer neighborhood near the site of the market, and knocked on doors to find people who might want to sell extra things they had lying around their homes. They also approached vendors on Grand who had already sold goods, mostly out of their cars. They went to local organizations like Habitat for Humanity and St. Patrick’s Center and several churches to hand out brochures. There are currently around 15 registered vendors, with more applying daily. Venders will be selling food, toys, clothes and a variety of other goods.

Sumit Agarwal and Nikhil Agrawal explained that most of the people they met while canvassing for vendors have been very excited about the idea of the market. Possible female entrepreneurs have been especially interested, which is typical of microfinance because women are more likely to actually invest the money in their families. The corner where the market will occur was chosen because of its strategic placement between Midtown and Jeff Vander Lou. This location will bring in wealthier patrons, but it is also close enough to the vendors’ homes. Like Maxwell Street Market in Chicago, which served as a model to the St. Louis Market, the location also has the potential to draw a lot of foot traffic.

The market will also greatly benefit the city of St. Louis. North St. Louis has especially suffered during the economic recession.

“People are out of jobs, and the skills they have don’t always match up with what the shrinking job market is looking for,” Nikhil Agrawal said. “Being self-employed allows you to use the skills you already have. The street market will help people segue into self-employment.”

While there are many organizations that help people in this area, through their own volunteer work, Sumit Agarwal and Nikhil Agrawal noticed a proportion of the poor fall through the cracks of the system. For example, Habitat for Humanity has built 189 homes in St. Louis, helping many people become homeowners; but they will not accept applications from people who do not have steady jobs. Government aid also tends to keep people afloat, but doesn’t improve their economic standing.

“There’s a class of people who have trouble with social mobility. Microfinancing and self-employment help them break out of poverty,” Nikhil Agrawal said.

In addition to the food and haggling, there will also be live music at the event.

Wash. U. students can help the St. Louis community by attending. The St. Louis Street Market will give students a chance to burst out of the “Wash. U. bubble” and see another side of St. Louis. For more information visit http://www.stlstreet​market.org.

If you would like to volunteer at the event or if you are part of band that would like to perform at the event, contact Sumit Agarwal at [email protected] or Nikhil Agrawal at [email protected]

Other Happenings

Super-8 Madness: Oct. 6 at The Way Out Club, 2525 S. Jefferson Ave. 8 p.m.-midnight. Some of the best films on the old-school Super-8 film, which cuts them down to their best 15 minutes. Films include “Taxi Driver,” “Jaws,” and “Scars of Dracula.”

Oktoberfest: Oct. 9-11 in Soulard 2028 S. 12th St. Oct 9th, 5 p.m.-noon; Oct. 10, 11 a.m.-midnight; Oct 11, 11 a.m.-6 p.m. Oktoberfest celebrating beer, food and entertainment.

Wash U. Happy Day at J. Buck’s in Clayton: Oct. 10 at J. Buck’s, 101 S. Hanley Rd. Noon- 1 a.m. Bring Wash U. ID card for appetizer and drink specials all day.

Late Night Happy Hour: Everyday at the Drunken Fish, 10 p.m.-close. Happy hour prices later into the night.