Sergio, originally from El Salvador, founded Sergio’s Concrete Inc. (SCI) in early 2012. Previously, Sergio had worked in the concrete industry for 14 years, performing as a project estimator and foreman for well-known local companies. During the first months of his own business operation, Sergio kept his full-time job. Now he is exclusively focused on developing SCI.
SCI provides concrete construction including foundations, slabs, floors, sidewalks, curbs, equipment pads, patios, retaining walls and others. SCI business has been more focused on residential projects, but now Sergio is looking to move his business to the next level and started bidding on commercial contracts.
SCI is requesting $10,000 to increase its working capital. It is a common practice in the commercial construction industry that subcontractors get paid in 30-45 days after completing the job, with no cash advances provided, but Sergio has weekly payroll.
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.