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Ricaurte is a native of Colombia. He is married and has one child. Ricaurte has more than 12 years of experience as a beauty supply store manager. A couple years ago, Ricaurte started planning to have his own business. He started working with LEDC Small Business Department receiving technical assistant to create a business plan, implement his accounting systems, and obtain his licenses.

Finally this year, he found a good location to start his business in Beltsville, MD. With a LEDC loan of $10,000 and his own savings, he quit his job and signed a lease agreement to open his beauty supply store and fulfill his dream to be the owner of his own business. He is hoping to have the same success as in the other stores that he managed. That will give him the additional income to support his family, buy a new house, and send his child to college.

Additional Information

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.

About United States

  • $54,800
    Average annual income
  • 12
    View loans »
    United States Loans Fundraising
  • $12,909,200
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD