Eudocio is originally from Peru but moved to the United States fifteen years ago. He owns a fiberglass manufacturing company with his wife. He had experience manufacturing car parts when he expanded into the boat industry four years ago. He generates most of his projects for his community but hopes to work with bigger clients in the area.
This is Eudocio’s second loan with ACCION USA (see his previous loan here: http://www.kiva.org/lend/164996), which he will be using to buy more materials and molds to better manufacture his fiberglass products. His work will also be showcased in an exposition next month. As a returning client, Eudocio has seen the great impact a loan can have on his business. Since coming to ACCION USA in 2009, he has been able to better keep up with his clientele’s demand.
Eudocio hopes to acquire more projects with this loan. With new molds and materials, he plans to work on bigger boats for recreational and fishing purposes, as well as manufacturing more auto parts.
Eudocio’s greatest challenge has been overcoming the hardships of the financial crisis and keeping his business strong. He hopes his business will become so successful that it will be very well-known.
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.