Ray owns a business that resells or leases GPS (Global Positioning System) units. He also provides GPS and security camera system installations for other organizations and companies. The 53-year-old computer and electronic services consultant advises clients on what equipment best suits their needs.
Ray has been in the business for 10 years and has received 3 previous loans from ACCION USA. In order to further expand his business, Ray has requested another loan. This loan would allow him hire a temporary worker, add a store-like function to his website, and add money for working capital. Ray is expecting to close a deal soon which would require an extra worker and additional supplies to fulfill the order.
Ray plans to continue expanding his business by partnering with larger companies and expanding his market base. With purchasing options on his website, he expects to gain more customers and boost sales. As his company grows, he will hire more workers and empower the hard-working men and women in his community.
About U.S. Microfinance and ACCION USA
Have you ever thought about how the new café on your corner and the delivery service that brings the fresh baked goods acquired 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 10 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.