Fabian has been a New York City cab driver for nine years. Knowing that his current cab needed upgrading to meet more rigorous safety requirements, Fabian's family urged him to contact ACCION USA for a micro-loan.
Fabian’s loan will be used to purchase a new car, without which he would lose his livelihood. Since both Fabian's family in New York and his relatives in his native Ecuador rely on his income, Fabian is very glad that he was able to get the financing needed to keep his business afloat. While he was able to learn how to navigate New York City streets on his own, he credits ACCION USA with helping him navigate the US financial system.
Fabian hopes to eventually save enough money to buy a house here, and realize his own American Dream.
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.