Julio has owned a multi-service phone retail store for the last ten years. He believes that having his own business has helped him progress in life - there is so much that he learns from owning his own business that he applies to all aspects of his life.
In addition to the success he feels from being able to provide for his family, Julio has felt a huge sense of success being able to provide a service to his community. The extra income that he earns also goes to support his aging parents back home in the Dominican Republic.
With the loan from ACCION USA, Julio will use 75% to buy new cell phones and accessories and 25% on promotions. He will need the extra stock in inventory to support all of the clients that will be coming through his doors.
Julio is very positive about his business and believes that this loan from ACCION USA will be a big help to his success.
About U.S. Microfinance and ACCION USA:
Have you ever thought about how the cute new café on your corner or the salon you frequent every month got the financial resources to start their business? Chances are, they drummed up support from their friends and family, dipped into their personal savings, used a high-interest credit card, or all of the above. An estimated ten million small businesses in the U.S. face difficulty obtaining loans from traditional banks, even prior to the current “credit crisis”. Microfinance institutions, like ACCION USA, support these “unbanked” small businesses by giving them access to fairly-priced capital and business education.
Small businesses also help stabilize low- to moderate-income neighborhoods and rebuild our economy through income growth and job creation. Self-employment provides workers with a way to increase their incomes, support their families, and strengthen their communities. As unemployment rises in the U.S., more and more people are turning to self-employment and start-up enterprises as a way to take control of their economic futures and provide employment opportunities in their communities. The need for support of small businesses in the U.S. is great, and it is one that ACCION USA has been striving to meet since 1991.