Gaudencio is a humble and hardworking family-oriented businessman. He has over ten years of experience as a salesman and two years ago opened his own business. His storefront business sells CDs, records, clothing, and gifts. Gaudencio’s wife and one of his sisters help him run the store. His business attracts the growing Latino population in his community.
One of Gaudencio’s greatest challenges is that he doesn’t always have the goods that his customers are looking for. With his second ACCION USA loan, Gaudencio will be able to diversify his inventory by purchasing more clothing and Mexican accessories. This will allow him to retain more customers who come into his store looking for specific items.
Gaudencio has enjoyed being his own boss and generating extra income for his family. He felt the hardships of the economic crisis when no bank would lend to him. Receiving a loan from ACCION USA has allowed him to maintain his business and support his family. Gaudencio hopes to continue growing his business so that his family will be well off some day.
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 the 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.