In addition to his regular job as a truck driver, Armando has been teaching, preparing and helping students to get this license. Armando’s product will make it easier to obtain a license and a job for Hispanics who do not have the financial resources needed to invest in a conventional class. After obtaining his own license, facing the high cost of tuition and language barriers, Armando decided to develop an alternative, inexpensive method of preparation for the CDL exam. The Kiva loan will be used to help Armando to finish, produce, and sell the product.
Armando is married with grown children, and his wife is helping him in this new venture.
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