How Can Microfinance Help Immigrant Entrepreneurs?
Last month Foulis Peacock from Immpreneur.com dropped by ACCION USA’s New York office to have a conversation with our CEO Paul Quintero about domestic microlending. While microfinance institutions have long played a role in developing economies, the concept and need for microlending services in the United States may be less familiar to many. With immigrant entrepreneurs driving small business growth in urban hubs around the country, domestic microfinance has never been more relevant.
In this video excerpt, Foulis and Paul discuss the special role of domestic microfinance as it relates to immigrant entrepreneurs, or “immpreneuers”.
To watch the full interview with ACCION CEO Paul Quintero click here!
5 Reasons to Buy Local this Holiday Season
This holiday season, we are looking at how social minded holiday shopping can make a positive impact on communities. Of course, we still want to be able to give gifts to our friends and loved ones – but wouldn’t it be nice to give a socially responsible gift by considering where the gift comes from? By making a conscious decision to patronize small businesses you can help to preserve local culture while also making a difference in the economy. ACCION USA works with new and growing microentreprises on a daily basis and realizes the profound role small businesses play in the economic and social fabric of this country. For that reason, we have created a list of 5 reasons to patronize small businesses for this year’s holiday shopping:
1. Improve your local economy
Chances are that the small businesses you are patronizing are owned by someone who lives in your community. This means that the money you spend locally will get filtered back in your local economy. And even if you are buying online, you are still creating a ripple effect through another community.
2. Create Jobs
Over the past two decades, small businesses have generated around 65% of new jobs. If independents regained their 1990 market shares, entrepreneurs could create 200,000 new small businesses, generate about $ 300 billion in revenue in the retail and restaurant sectors, and employ more than 1.6 million American workers.
3. Enrich your Community
Nobody wants to live in a neighborhood that lacks a small business culture. While franchises and national chain stores play a role in the national economy, we all know that small businesses provide an undeniable vibrancy and sentiment vital to community life. Many people believe that small businesses are not just the economic but also the social heartbeat of America.
4. Personalized Experience
Shopping at small local businesses always offers a personal and sincere customer-owner interaction, impossible to replicate with large-scale vendors. Small business shop owners are interested in their clients, know their wants and needs, and are willing to give their customer personal attention to answer questions about their products. Furthermore, a small business owner is passionately and inextricably linked to the success of his or her business, which means they are experts on the product that they create and sell.
5. Original, Handmade Gifts
If you like to give original, handmade gifts, you can’t beat shopping at a locally owned business. Small businesses are commonly thought of as trend setters – paving the way for their larger scale counterparts with an unbridled imagination and vision. Also, small businesses usually do not have to scale their product for a mass market, which ensures high craftsmanship and originality.
To buy local, visit your local store, view our client directory map, or buy online at our Holiday Marketplace: www.accionusa.org/marketplace
Celebrate Small Business at Festival Fete’s Holiday Market
As Small Business Saturday approaches, people across the country are reminded that where they buy gifts is just as important, if not more important, as what they buy. Small business is the lifeblood of local economies and conscious patronizing is the action that will drive job growth and reignite community vibrancy. That is why ACCION USA, a leader in domestic microlending and a proud partner of Small Business Saturday, is excited to announce our support for the entrepreneurs participating in the Festival Fete Holiday Market with a FREE credit seminar. Claudia Cardozo, business development officer at ACCION USA will lead the conversation as she teaches entrepreneurs different ways to access financing and promote their brand, with a focus on internet marketing.
Festival Fete’s Holiday Market embodies the spirit of small business, as an event featuring locally grown food, art and products from talented individuals across New England. The Holiday Market will include over 100 Contemporary American Craft artists, strolling entertainment, a farmers market, and children’s crafts and entertainment. The market is a 2-day extravaganza, taking place over Thanksgiving weekend (November 25th and 26th) at the Rhode Island Convention Center, 11am to 6pm daily. For entrepreneurs who are participating in the fair, we’d love to have you attend our credit seminar on November 26th just before the fair begins at 11am. Don’t worry if you can’t make it, you can find ACCION USA at booth 223 – stop by and say hello!
Microfinance Harvest Festival; A Night to be Remembered
On November 1 over 100 guests gathered at ACCION USA’s first ever Microfinance Harvest Festival to enjoy homebrewed beer, toe-tapping jazz and food from local small business owners. It was truly a night to be remembered! The event was held at the ING Café in Manhattan and was a glowing success, bringing together microfinance professionals, partners and entrepreneurs to celebrate and to learn more about ACCION USA’s mission to create financial inclusion for all.
Jesse from Brooklyn Taco serving his gourmet tacos!
Guests sampled a range of tasty, locally made dishes supplied by ACCION USA’s clients, from mouth watering Cola and Orange Braised Pork Shoulder Tacos courtesy of Brooklyn Taco to Sweet Plantain and White Cheese Arepas from Arepas Café. Dinner was washed down with either a complimentary Sam Adams beverage or a homebrewed beer sample from the homebrewer tasting competition (congrats to Jason Faulkner with his winning brew, “Lions Mane”!). And finally, no event is complete without dessert! Thanks to The Chocolate Swirl for providing their imaginative and gourmet brownie pops.
ACCION USA CEO Paul Quintero speaks about the impact of domestic microfinance.
To round off the night, ACCION USA’s CEO Paul Quintero spoke about the impact of domestic microfinance and introduced a few clients to share their personal stories about the journey of a small business owner. Underscoring the profound importance of financial inclusion, Jesse Kramer, owner of Brooklyn Taco, explained the challenges of securing financing for his business from a local bank. “As a recent graduate from culinary school with debt from student loans, no bank would take me seriously,” Jesse explained. Jesse’s dream of operating a culinary business that paid tribute to Mexican heritage while still celebrating a hip, modern Brooklyn culture was brought to life with a $5,000 microloan from ACCION USA. With it, Jesse expanded his business to a larger vendor space in the Essex Street Market, where his business continues to thrive.
It’s personal stories of determination and entrepreneurial spirit like Jesse’s that bring tremendous meaning to ACCION USA’s work to support small business owners and job creation. We thank Jesse for his tireless work as a microentrepeneur and all of the guests and volunteers who made the Microfinance Harvest Festival an evening to be remembered!
Pictures have been posted to our Facebook page – check them out and tag yourself too!
Mi Kitchen es su Kitchen
Last month Elizabeth Bueno and Erica Dorn from ACCION USA’s New York lending team hosted a two part seminar that financed 4 businesses within two weeks! The seminar was a huge success due to an amazing partner –Kathryn Gregory from Mi Kitchen Es Su Kitchen a star partner this month!
Food industry veteran Gregory conceived Mi Kitchen es su Kitchen in 1996, as a time-share rental facility available to up-and-coming food entrepreneurs. As the hands-on director of this consulting firm, her role is essentially twofold: she forms strategic alliances with not-for-profits who have an existing kitchen space and transforms it into a business incubator rental facility, which generates new revenue for the host organizations. At the same time, each kitchen incubator provides a nurturing facility to encourage start-up food business clients. Gregory advises clients on food safety, license requirements and legal issues while they work on perfecting their concepts in a legal working environment. She also oversees and hosts seminars for potential clients of the facility. The first incubator was established in Brooklyn and the concept is being developed for a nationwide rollout.
Please feel free to contact us to learn more about the successful attributes of this partnership and how we can replicate it with you!
In New York—Erica Dorn edorn@accionusa.org
In New England- Elizabeth Garlow egarlow@accionusa.org
Nationwide- Jennifer Spaziano jspaziano@accionusa.org
Tags: Foodie, Incubator Space, partners
Trick or Treat, we’ve got something local to eat…
I always remember trick or treating as a kid. It was a great way to interact with the community by going from house to house and meeting your neighbors. I might look silly trick or treating now, as an adult, but I do it in my own way – by buying treats from local businesses in the community. Here are some delicious treats from local small businesses that you can trick or treat with this Halloween.
Try a spooky Halloween Brownie Pop from The Chocolate Swirl
“When the economy tanked, two of my jobs were taken away. So I thought, it’s time to start my own,” reminisces Lisa Braciligiano, owner of The Chocolate Swirl. Lisa started off working as a theatrical stage manager. On opening night, everyone would show the cast with lavish gifts. “I was an intern, and not getting paid,” explains Lisa. “I was broke. So I made my own gifts.” Lisa started with a truffle, and would bring different chocolate desserts each time. “Everyone loved them. They kept telling me that I should sell them.”
After her exploits in theater, Lisa decided to attend culinary school. After she graduated, she was working multiple jobs as a pastry chef and at restaurants. It was a result of losing her job that prompted her to start her business. With an $8,000 loan from ACCION USA, Lisa was able to continue to rent kitchen space as well as increase her marketing.
Warm up your evening with a Dark ‘n’ Stormy cocktail with locally made ginger syrup from Morris Kitchens!
NYC foodie Kari Morris started Morris Kitchen, a local ginger syrup manufacturer, over 2 years ago with her brother Tyler. Coming from a family of gourmands, Kari and Tyler’s decision to be food and beverage entrepreneurs came as no surprise. Kari brings 10 years of experience in fine foods to her business and has acquired a host of very well known clients to sell her product. “October-December are very busy months. I’ve already been contacted by various magazine to feature my syrup as a Holiday To buy item,” Kari explains.A $9,000 loan from ACCION USA helped Kari increase production for the busy holiday season, as well as to purchase labels for new products and cover design costs.
How do her customers enjoy Kari’s ginger syrup, you might ask? According to an interview, “the syrup is delicious mixed with seltzer for fresh ginger ale, drizzled over ice cream, or used in one of the entree or dessert recipes posted on their website,” which also shares recipes for seasonal cocktails.
Try a LifeField Buckwheat Chocolate Chip Cookie. They go perfect with a cup of hot chocolate on a crisp autumn day.
A New York City native, Rhoda Plotkin’s business idea came about from a series of serendipitous interactions. Rhoda recounts her friend needing a USA-based contact 9 years ago to import high volumes of select Russian buckwheat. Realizing a lucrative market opportunity for this nutrient packed herb that can be used as a flour substitute for millions of gluten-free Americans, Rhoda decided to take a leap of faith by assuming the role as receiving link. Rhoda collaborated with her baker friend to develop a product line that would incorporate buckwheat, confident that baked goods would not be difficult to sell. “Once I got started, I just kept going,” Rhoda reflects, remembering being swept away with the excitement of entrepreneurship. “Creation is an exciting thing. Day-to-day office work can be dull and mundane but there is something thrilling about taking a risk to create something new,” Rhoda said.
However, Rhoda needed capital to purchase equipment, rent our warehouse space and import buckwheat in bulk but had no leverage with a commercial bank as a new entrepreneur requesting a loan for under $100,000. “It’s very difficult to get a commercial loan these days. Even people with good credit history can’t get a loan,” Rhoda explained. With Rhoda’s first ACCION USA loan for $5,000, Rhoda was able to expand her business by purchasing 35,000 pounds of buckwheat and securing additional warehouse space. LifeField Buckwheat has expanded to offer an array of buckwheat-based products available online and in select stores, from LifeField Buckwheat Chocolate Chip Cookies to LifeField Pancake and Waffle Mix.
Take a walk on the wild side and spice it up with a guajillo and aji amarillo chile infused chocolate bar from Raaka Chocolates.
Ryan Cheney was living in a monastery in Thailand when he first tried the local organic chocolate that would inspire him to start his own 
chocolate company. When Ryan returned to the U.S. he created Raaka Chocolate and immediately developed relationships with farms in Dominican Republic and Bolivia to import free-trade, organic cacao. Ryan then started creating different flavor chocolates (Dark w/ Sea Salt, Blueberry Lavender, Hazelnut and Vanilla Rooibos) in his own home and sold at farmers markets to family and friends. Ryan didn’t expect his business to be a growing success but as the demand for his chocolate grew he knew he needed to find capital to expand.
With an ACCION USA loan for $20,000, Ryan was able to grow Raaka Chocolate by purchasing inventory, packaging supplies and also paying vending fees at Union Square and Columbus Circle markets. Today, Ryan has two employees, sells chocolate to over 17 stores in Manhattan, a store in Portland, Oregon and to customers all over the country through online sales.
Why Microfinance Is Important To Me
By Alexandra Mills
In college I went on spring break service trips to a village in Nicaragua two years in a row, each time hoping not only to gain a personal learning experience but also to make a lasting impact on the people there. When I was there last year I met an amazing woman named Francesca who has a small bread making business out of her home. She sold it to everyone in the town and would walk a few miles every day to sell it in the larger community of Somotillo. I remember Francesca saying that she could sell much more bread if she had another oven built, but she couldn’t afford it.
After coming back to the United States, I heard about microlending in a class and started thinking back to Francesca. I researched more into the world of microfinance and found Kiva.org. I was absolutely amazed with the fact that while I was finishing my senior year at Eckerd College in Florida, I could be lending to people just like Francesca anywhere in the world, including Somotillo. I realized that this would make a much larger impact than going there for a week every year. That’s when I knew I wanted to be involved on a larger scale.
Having been fortunate enough to travel to developing countries like China, Guatemala, and Nicaragua, it never crossed my mind that microfinance could benefit citizens of the United States. Since the start of my internship at Accion USA, I’ve learned that microfinance institutions in the United States are helping create opportunities for people in this struggling economy. I’ve realized that there are entrepreneurs like Francesca here in the US–in New York City, even on my block– who need the same financial assistance than people abroad. Some of these people have come thousands of miles from countries far and wide to live the “American dream”, but I can’t imagine how difficult that must be when most traditional financial institutions offer little or no support.
Accion USA works right here in our backyard and the mission is not to lift people out of poverty as much as it is to help small businesses thrive. I’ve been noticing how many jobs in the United States we’ve been helping create by giving small business loans. Every day, as I continue to learn the ins-and-outs of microfinance in the US, I pass by our clients in the streets of New York City and it reminds me why the mission of microfinance is so important to me.
Alexandra Mills is the Kiva Coordinator Intern at ACCION USA. She is a graduate of Eckerd College in St. Petersburg, FL.
First Sam Adams “Food Labeling” Workshop a Success
October 4 marked a successful “Food Labeling” workshop (part 1 of 3) from the Sam Adams Brewing the American Dream program. Held at Sam Adams HQ’s in Boston, the event was led by industry specialists from Sam Adams and ACCION USA and had a fantastic showing of 46 local food and beverage entrepreneurs. The workshop, which covered a range of food labeling topics, is part of a broader mentoring campaign to help empower small businesses around the country with capital and invaluable industry knowledge.
Elizabeth Garlow, Business Development Officer at ACCION USA, commented that many food and beverage business owners in the audience were very impressed with how relevant the training was, a small business owner remarking that “it’s impossible to get this information anywhere else.” One attendee learned that local businesses were at an advantage because it is easier to create brand loyalty, considering that today many customers want to meet the owner and know the history of the business. Another attendee learned that listing “whole peppercorn” as an individual ingredient instead of listing all spices/flavors as “spices” will mitigate risk for a company. If you want to learn the logic behind this and other industry related advice from the event, check out a blogpost about the workshop from one of the attendees, Bienne Foods.
Register for part two of the “Food Labeling” workshop series to take place on Tuesday, October 11 called “Federal Regulation and Marketing Your Product.”
ACCION USA Partner Spotlight: Citi
Partner Spotlight: Citi
ACCION USA joined Citibank in Upper Manhattan during the week of May 16th to celebrate Small Business Month. Together, we worked to connect entrepreneurs in Washington Heights with the financial and educational resources needed to keep their businesses thriving. Sonia Baba-Shahverdy, owner of Step by Steps Daycare , received a loan with ACCION USA and Citibank’s support and is using it to invest in her daycare business.
ACCION Microfinance- Inwood, New York.
Brewing a New Market for Microloans.
ACCION USA Staff are brewing up a new market for our microloans. Where, you may ask, are we stirring up this new business? Well, we like to think of ourselves as ‘loan brewristas’, taking the craft brew scene by storm in partnership with Samuel Adams on our Brewing the American Dream program.
As the craft brew scene in America blossoms, ACCION USA is working alongside the industry’s leader and pioneer Samuel Adams to champion small craft brewers by providing microloans to start or expand a home or contract brewing operation, storefront brewery or brewpub.
Our Craft Brewer Loan Fund is making a splash across the country, supporting unique brews like California based Mateveza , Roc Brewing Company in Rochester NY and Flounder Brewing in Hillsborough. Through a recent loan to a home brew supply shop, we feel we’re starting to make a real mark on an exciting movement.
A few years ago, I (Erica) read an article in New York magazine about a couple that had opened a homebrew shop in Brooklyn. I remember being impressed by knowing that something like this could exist, that a young couple, both former chefs could open their own hobby store in the midst of the greatest recession my generation has seen.
Danielle and Benjamin’s homebrew shop is nestled in a swampy yet very hip neighborhood called Gawanus in Brooklyn. You feel like a happy hobbit walking into their garden level brew dwelling- upon entering you see a magnificently organized candy store for the likes of hobby craft brewers. When they responded to my direct email about the Brewing the American Dream Program, I biked over as quickly as I could to explain the awesome benefits that ACCION and Sam Adams have to offer their crafty community.
When Benjamin and Danielle opened Brooklyn homebrew they did it without the help of a bank or a credit card. They started selling from their home at first and later expanded to their store front on 3rd avenue. The issue Danielle and Benjamin were encountering was having space to keep enough inventory-they are able to sell out of their entire stock, sometimes in just one weekend! Once Danielle and Benjamin submitted their application and a few documents, ACCION USA was able to approve them for a loan of $10,000 to buy a larger fridge and to rent a storage space nearby to keep their beer booty.
As the American craft beer renaissance continues to take off in Brooklyn, so does their business.
At ACCION, we are very excited to be contributing to an incredible movement of entrepreneurial creativity. In addition to providing capital, mentorship, and PR support, our Craft Brewer Program has offered brewers the opportunity to apply for the Samuel Adams Experienceship. Stay tuned for more details on how you can help us select our winner!
-Erica and Elizabeth, ACCION USA Loan Brewistas.
Tags: beer, beer loan, beer microloan, brewer, brewery, brewing the american dream, loan money, micro brewer, microbrewer, microfinance, microloan, Sam Adams