Eloy is a construction worker in New York City, originally from Ecuador. With his many years of construction experience, he decided to become his own boss two years ago.
With his loan from ACCION USA, Eloy will purchase two jackhammers and other equipment for demolition work. He has found ACCION USA's financial education program very beneficial as it has provided helpful information and great support.
Eloy dreams of being able to grow his business and employing others. By doing this he will be helping not only his family, but his workers' families as well, he says.
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.