The reason Geraldo is in need of financing is because of the seasonality of his business. As Geraldo explained, his peak season follows the tax season (January 15th – October 15th). The months of November and December are the slowest and it’s during this time that Geraldo’s company generates income from its secondary services, which are less profitable. Last fall, Geraldo went to the “loan sharks” for a 33 percent interest rate loan to help him get over this “hump.” He vowed to not go down that path again this fall. He turned to LEDC to help him during this lull in business before the tax season ramps back up in January 2014.
Geraldo is originally from Queens, New York. He is a trained engineer who spent many years building model trains before obtaining his MBA from the University of Maryland and entering into the accounting field in the mid-1990’s. He has two grown children who live in Missouri and North Carolina. In the future, Geraldo would like to expand his services to business clients, such as help his clients obtain small business loans, win contracts, and certify more minority firms at the state and federal level.
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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