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Jul18

LA update - Celebrating Microlending

Posted on Jul 18, 2014 by Alma Elizondo-Bailey

Celebrating microlending in LA

California is known as an "incubator" of new ideas, new products and entrepreneurial spirit. Greater Los Angeles is a leading business, trade and cultural center. It is home to more small businesses than any other metropolitan region in the country, employing nearly 2 million people.

 

With your support, Opportunity Fund lent $6.2 million this past year helping more than 550 small businesses in Greater Los Angeles - 25% higher than our initial goal! To keep up with our operations, we have added new members to our team. This year, we welcomed Adriana, Business Development Officer and Daniel, Microlending Manager to our Southern California team, and we're hiring for additional positions!

 

Thanks to you, we are helping more business owners, employees and families than ever. Let's continue to fulfill our vision that all small business owners in California have access to affordable capital that drives economic mobility. 

 


 

Noel and his family, owners of the The little Machin in LAMeet Noel and his family, owners of "The Little Machin" in East LA

The Little Machin is a mobile food truck parked just off of Cesar Chavez Ave that serves up tacos, quesadillas, huaraches, tortas, etc. along with some delicous aguas frescas. They are famous for their handmade tortillas, fresh ingredients and amazing customer service, which is always a big plus.

Owner Noel is originally from Mexico City. He came to the United States 18 years ago looking for a better future for himself and his family.


He started out working several low-wage jobs, but knew it would take more to reach his goals.  Noel, an entrepreneur at heart, decided to start his own business. He began with a little cart selling fruit, and was quickly ready to expand. "Winters were very difficult, working in bad weather or rain wasn't safe for me or my family."

Noel then bought a small trailer selling quesadillas, huraches and tacos using his mom's recipes. The concept proved successful, and three years later he was ready to expand. When Noel came to Opportunity Fund's partner, Kareem's Carts, to buy a food truck, he didn't know how he would finance the purchase. He had some savings, but it wasn't enough to purchase a food truck. "I had no idea food trucks were so expensive." Read more

 

 

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