While Luis sustains himself in part though informal catering jobs, he is now exploring the launch of a new side business called Imagine Inn, a company that provides extended-stay housing for employees of companies and the federal government.
Over the years, having at times worked with different organizations, Luis realized the scarcity of furnished apartments for corporate and government employees who would come to the Washington metro area for periods of time too long to stay in a hotel, but too short to rent a conventional apartment.
Luis' Kiva loan will be used to support him with funds to help showcase and rent one apartment as part of this new side business to spark interest, and eventually increase his income to support his family.
The vision of the Imagine Inn is to provide its clients with convenient and hassle-free housing. The apartments will be fully furnished, have free Wi-Fi Internet, nationwide unlimited calls and other amenities to make the client feel at home.
More information about this loan
This loan is part of the Kiva City D.C. initiative in partnership with LEDC (Latino Economic Development Center). Kiva City D.C. is a subset of Kiva City, a program that allows Kiva lenders to make microloans to small businesses in the United States with the help of community organizations and U.S. Field Partners.
About Latino Economic Development Center:Latino Economic Development Center (LEDC) is a community-based nonprofit that equips Latinos and other DC-area residents with the skills and financial tools to create a better future for their families and communities. Participants in our programs learn how to buy and stay in their homes, join with their neighbors to keep their rental housing affordable, and start or expand small businesses.
Kiva lenders’ funds are used to help LEDC support even more small businesses in low- and moderate-income communities in Washington, D.C. The funds are used to ease loan requirements, including decreasing collateral, interest rates and fees associated with loan disbursement. With Kiva capital, LEDC reaches out to borrowers that may not have met all of LEDC’s existing criteria, allowing the organization to grow its lending operations through its new subsidiary the Community Asset Fund for Entrepreneurs.
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Success!! The loan was 100% repaid