Update on Jeffrey A.A returning client of Accion Texas Inc., Jeffrey applied for a secondary loan to develop a website for his hometown business, NuVision Properties LLC, in Baton Rouge. He began his business in Feb. 2008. Jeffrey describes NuVision as an investment company because, within his business, he takes under-performing apartment complexes and makes them profitable again.
Jeffrey’s job is to find what the problems are and fix them. He said the majority of the time, a major problem is that a complex owner is new and does not fully understand how to run a business, therefore, tenants may take advantage of the situation. However, Jeffrey is experienced in his field as he previously worked with foreclosed homes. Jeffrey learned how to successfully make under-performing establishments into profitable places through a combination of self study, a mentor and some trial and error.
The father of three decided to become an entrepreneur to have more time for his family and ability to create his own schedule. Before working with his management company, he worked with an aircraft company in Los Angeles along with an apartment builder who Jeffrey began networking with to learn how the business works. Jeffrey also had a friend who was an established real estate broker and advised him throughout the beginning of his new business.
Currently Jeffrey works alone and has not been able to successfully bid on an establishment so he works with partners who are in charge of placing the cash down payment to secure a bid. When the bid is confirmed, the partner will then receive a percentage of Jeffrey’s profits. Their responsibility is providing the funds. Thereafter, Jeffrey reviews the building, fixes any problems that need to be fixed and offers financial management. “Our partnerships are just to secure a bid. They don’t have to do anything else,” he said. With the help of his partners, Jeffrey manages four buildings.
The website Jeffrey is in the process of building will list potential properties and make it easier to obtain partners. It will list new projects and give an overview of what the project entails, and the amount needed to become a part of the partnership. It will be a couple of months until his website goes live, but Jeffrey has secured the site page at www.nuvisionprops.com.
Previous Loan DetailsJeffrey L. owns NuVision Properties LLC, a real estate management company. He and his wife entered the real estate business in February 2008, during the middle of the housing crisis. With real estate affordable, they jumped at the opportunity to build long-term financial stability. Initially,… More from Jeffrey A.'s previous loan »
About Accion Texas Inc.Accion Texas Inc. (www.acciontexas.org) is an award-winning nonprofit organization with a mission to provide credit and loans to small and start-up businesses that have limited or no access to credit from commercial sources. Established in 1994 in San Antonio, Accion has helped Texas and Louisiana entrepreneurs strengthen their businesses, stabilize and increase their incomes, create employment, and contribute to the economic revitalization of their communities. Learn more at www.acciontexas.org.
Concurrent and Successive Loans
Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.
This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.
About United States
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This loan has been fully funded!
- Repayment Term
- 38 months (Additional Information)
- Repayment Schedule
- Aug 25, 2012
- Aug 29, 2012
- Currency Exchange Loss:
Photo from previous loan
Kiva allows our Field Partners to re-use the same photo for individual borrowers that have been posted on Kiva's website once before in a 24 month period, and we allow them to re-use group photos for up to 24 months, provided that 80% of the current group's membership is represented.
Taking, collecting, and uploading photos of borrowers is one of the most challenging elements of using Kiva for our Field Partners. In order to make Kiva easier for Field Partners to use, we have allowed them to post successive and concurrent loans without taking a new photo of the borrower if the criteria above are met.