Juan moved to the US from Ecuador five years ago. He knew he wanted to start a franchise business and found that the cleaning business was the most affordable. In 2007, he started his own cleaning business and has been running it with his wife.
With ACCION USA’s help, Juan was able to receive his first loan in 2009 to purchase cleaning equipment. Now, Juan is refinancing his loan in order to bring his business to a new level. He is looking to purchase equipment, sign new client contracts, and launch a multimedia marketing campaign and website.
Juan is optimistic that these strategies will help him gain more clients. He is looking to expand his business beyond his local community. The loan will also help him sign larger contracts, which will generate higher revenues for Juan’s business.
Being self-employed and generating income for his family have been Juan’s greatest successes. He has great pride in providing for his wife and two young daughters. Juan enjoys managing his own business and loves the flexibility of his work.
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.