Husband and wife Paul and Madeline have always had a passion for music. Both have played a variety of instruments since their childhood and currently teach music at local schools. This passion has motivated them to open their very own music school in New Orleans, which will offer private music lessons for a plethora of instruments. Paul and Madeline are extremely excited to open their own school as it will greatly benefit its current and future students by having one central and safe location for students to perfect their craft instead of going house to house to give lessons. "We want to inspire a sense of community among students, teachers and parents," explains Paul.
Paul and Madeline are confident that their business will thrive as they are located in an area of New Orleans that they believe is its own micro-economy where local businesses support each other.
Paul and Madeline think the Kiva program is great and would not be able to open their business without this loan. "It's cool that lenders share the risk with borrowers, it's a great way to show support to small businesses around the world," says Paul.
Paul and Madeline will use their Kiva loan for improvements to the building, grand opening expenses, advertising, instruments, and sound proofing equipment.
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.