Small Business Owners and IDA Savers
Gloria
Happy Kids Preschool and Family Daycare
Loan Amount: $10,000
Challenge: When Gloria first approached Opportunity Fund in 2006 she had a dream of running her own daycare, but no credit history to help secure financing from a bank.
Result: A $10,000 loan, Gloria's 4th from Opportunity Fund, will help her to continue expanding her daycare (now also a preschool!) and ensure she has the facilities and educational equipment she needs.
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Thao
Saving for her business
Challenge: Having recently arrived from Vietnam, Thao is still learning English while working as a waitress and taking care of her daughter.
Result: Thao is learning to manage her finances while pursuing a license in cosmotology. She plans to open her own business to help increase her family's income.
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William
Gentle Parking
Loan Amount: $10,000
Challenge: William opened for business in early 2009 and was turning a profit within 3 months. He needed financing to support his growth, but his credit had been affected by the economic downturn and he was unable to secure a loan from a bank.
Result: A $10,000 loan allowed William to purchase the insurance he needed to allow Gentle Parking to stay open and continue to grow.
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Marie
MarieDenee.com
Loan Amount: $7,500
Challenge: Marie and her sister were raised by a single mom in the military. When she was laid off from her job in 2008, Marie used the strength she learned from her mother to pursue her passion for fashion and open her own online retail business.
Result: With a $7,500 loan from Opportunity Fund Marie was able to increase and organize her inventory, and successfully launch her online boutique.
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Karla
Saving for her education
Challenge: As the oldest of three siblings and the daughter of immigrants, it was difficult for Karla to find the resources necessary to support herself and pay for college.
Result: Karla saved $75 a month until she reached her savings goal of $2,000. With her savings the matched funds in her IDA savings account, she was able to pay part of her tuition and other school fees. Karla will be the first in her family to finish college!
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Erik and Shane
Just Awesome! The Board Game Store
Loan Amount: $7,500
Challenge: Erik and Shane wanted to open a neighborhood board game store, but were unable to qualify for a bank loan due to debt they had accumulated as teenagers.
Result: A loan from Opportunity Fund helped Erik and Shane to open their business. The two are newcomers to San Francisco, but through their store have engaged the community with weekly game nights.
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Tasneem
FotoClara
Loan Amount: $6,000
Challenge: Tasneem immigrated to the U.S. from Saudi Arabia for college, and discovered a passion and talent for photography. She needed financing to pursue her dream, but was turned down by banks because she had no credit history in this country.
Result: With a $6,000 loan from Opportunity Fund Tasneem was able to buy the equipment she needed to make her photography business successful.
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Tirunesh and Teklu
Saving for Citizenship
Challenge: Tirunesh and Teklu moved to the United States from Ethiopia in 2004 to join their daughter and grandchildren. Proud of their new home, they wanted to become U.S. citizens as well.
Result: For the first time in their lives, Tirunesh and Teklu opened a savings account. After one year they had saved enough to pay the citizenship application fee, and in 2010 the pair officially became U.S. citizens!
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Rose and Terry
First Discoveries
Loan Amount: $57,000
Challenge: Rose and Terry, a mother-daughter team from Guatemala, wanted to open a preschool but were confronted with a number of unanticipated expenses in the process.
Result: With business advising and a $57,000 loan from Opportunity Fund, Rose and Terry developed a comprehensive business plan and successfully opened their preschool.
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Nimer
Right Way Deli, Econo Market, Point Richmond Market
Loan Amount: $75,000
Challenge: Nimer is the owner of three successful markets in San Francisco's Tenderloin District and in Richmond. His client base requested a wider variety of organic produce and meats, but to meet that demand he needed extra financing.
Result: Nimer works hard to make sure that his markets are a part of the communities their in. With $25,000 loans for each of his three markets, Nimer is able to better serve his customers.
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Michelle
Saving for a home
Loan Amount: $7,500
Challenge: As a single mother of two, Michelle dreamed of owning a house for her family. After being on the wait list for seven years, her name finally came up to purchase a below-market-rate home in Morgan HIll.
Result: Through the IDA Savings program Michelle learned how to manage her budget and savde a total of $5,000. With $4,000 of matched funds from her IDA account and additional grant funding, she was able to buy a home for her and her daughters.
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Valarie
SPA-bulous!
Loan Amount: $3,000
Challenge: Valarie, a single mother and first time business owner, needed capital and a bit of guidance to help grow her spa.
Result: Using a credit builder loan from Opportunity Fund, Valarie transformed her business space into a relaxing retreat! To ensure that working women have access to her services, Valarie keeps her spa open nights and weekends.
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Rosalva
La Verbana Juice Bar and Cafe
Loan Amount: $10,000
Challenge: Rosalva immigrated to the U.S. twenty years ago and found that starting a business was difficult with no credit history or collateral that banks required in order to make her a loan.
Result: Rosalva got a loan from Opportunity Fund that allowed her to set up her juice bar in the Fruitvale Market with refrigeration, insurance, and supplies. She now is playing a key role in the revitalization of an urban neighborhood.
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Vicci
Saving for her business
Challenge: Having recovered from a traumatic car accident 20 years ago, Vicci wanted to help others get back on track through a life coaching business.
Result: Although her business is just one year old, Vicci has big plans for the future. With her savings, Vicci has been able to realize her dream of giving the “gift of a normal life” to others. “Sometimes victory is just being able to look at your feet.”
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Carl
CA Window Cleaning
Loan Amount: $5,000
Challenge: As demand for his services increased, Carl needed to hire a full-time employee. Carl was turned down by traditional banks and left without the means to grow his business.
Result: A loan from Opportunity Fund allowed Carl to hire an additional employee, increase revenues, and take on more customers. As his business expands, he hopes to be able to buy a home for his family.
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