Trep One Construction & Project Management Company has been in business since 1985. Its owner, Nathan, is a second-generation contractor with more than 25 years of experience in the construction industry.
After Hurricane Katrina, Nathan was confident that the construction industry would be booming and that his business would be inundated with various projects. However, many residents who were desperate to return to their homes as soon as possible hired cheap labor instead of skilled and licensed contractors like Nathan.
Nevertheless, Nathan’s business is prospering and he still believes that the New Orleans business community is very tight-knit, which makes it unique. Nathan is very optimistic about the future growth of his company as he hopes to one day have 10 full-time employees.
Nathan is very grateful for the Kiva program as he believes he would not have been able to get financing elsewhere because of previous health issues. Nathan will use his Kiva loan for advertising, contract bidding software, and working capital for materials and supplies.
About ASI Federal Credit Union
ASI Federal Credit Union has been experiencing an increased rate of defaults. This is possibly related to the experimental nature of the loan products the organization provides. In order to serve asset-poor communities in New Orleans -- including many still recovering from Hurricane Katrina and the BP Oil Spill -- ASI offers loan products designed to help people start and grow businesses even if they don't have extensive collateral, credit histories, or business experience. For these reasons, these loans also carry a higher level of risk than typical loans on Kiva.