Total loan: $10,000
Boston, MA, MA, United States / Services
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A loan helped To purchase a new hot water heater.
A very driven small business owner, Domenic purchased his laundromat in 2009 in order to seek business opportunities on his own terms. The previous owner had focused more on taking money out of the business rather than reinvesting, leaving Domenic with some heavy work to accomplish. However, he successfully remodeled the building, replacing the floors and purchasing all new furniture. He has established a whole new feel to the business with music constantly playing and laptop accessibility for the busy Bostonian with a full service laundromat and dry cleaning service. His day begins at 8 AM and isn’t complete until 8 PM. And it is all done in the style of what Domenic calls "a one man band." Domenic paid for all of the original remodeling of the laundromat out of pocket because a local bank declined to lend him money due to the size of his business. With this loan from ACCION USA, Domenic will be purchasing a new hot water heater to maintain the flow of business and increase his energy efficiency. His current hot water heater is 75 years old and incurs high energy costs as well as being much smaller then newer versions. Eventually, Domenic wants to be able to purchase more stores and hire a team of employees to run his growing businesses. Watching his current business take root has inspired him to continue growing and continue to provide for the increasing number of his returning clients. About U.S. Microfinance and ACCION USA: An estimated ten million small businesses in the U.S. face difficulty obtaining loans from traditional banks, even prior to the current “credit crisis”. Microfinance institutions, like ACCION USA, support these “unbanked” small businesses by giving them access to fairly-priced capital and business education. Small businesses also help stabilize low- to moderate-income neighborhoods and rebuild our economy through income growth and job creation. Self-employment provides workers with a way to increase their incomes, support their families, and strengthen their communities. The need for support of small businesses in the U.S. is great, and it is one that ACCION USA has been striving to meet since 1991.’