Medardo and his wife moved their women's clothing import-export business from Mexico City to Miami in 2006, hoping to better serve their increasingly global client base. Their decision paid off since their business has steadily grown; they now have an employee and clients who sell their products locally.
Medardo and his wife, originally from Honduras, heard about ACCION USA from their daughter. The proceeds of their loan will be used to purchase bathing suits and sportswear and other items from their suppliers' Summer 2010 collection. This investment ensures that they can fill orders fast, better serving their clients and, hopefully, increasing profits.
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.