Celebrate Cinco de Mayo!
Looking for somewhere to grab a bite to eat tomorrow in celebration of Cinco de Mayo? Visit Kahlua’s Café at 2117 3rd Ave., New York, NY.
Gladys prepares Mexican flan for customers at Kahlua's Cafe.
There are not many places in Manhattan where you can get cactus tacos, but Kahlua’s Café happens to be one of them. Gladys and her husband opened this authentic Mexican café after immigrating to New York City over 15 years ago. Gladys had always dreamed of opening her own business and Kahlua’s Café , located in the heart of El Barrio in East Harlem, is the product of Gladys’ hard work and determination.
Gladys first approached Accion for a small business loan three years ago in order to expand her restaurant by building an extra room with a pool table to attract more customers and increase her revenue. When Gladys approached a bank to ask for a loan, they told her that her credit history was not yet strong enough. The banker referred her to Accion, where she received a $15,000 loan for expansion. When her business was in dire need of renovations a year later, Accion approved her for a $25,000 loan. Kahlua’s Cafe today boasts a colorful dining area, a back room for entertainment, frequent local customers, and 6 employees from the local community.
Youth microfinance group hosts Microfinance Fair to raise awareness of domestic microfinance
On April 29th, the Zawadi by Youth Microfinance Group of the Riverdale Country School hosted a Microfinance Fair, sponsored by Citi. The event raised awareness for domestic microfinance and the impact that Accion and our partners like Citi are having on the local small business community.
Six Accion clients spoke on a panel at the Microfinance Fair
The Riverdale Microfinance Fair was a huge success—over 75 individuals attended including students, parents and teachers from Riverdale Country School and surrounding school districts. Six of Accion’s clients spoke on a panel moderated by our CEO, Paul Quintero. They spoke about the challenges, risks and benefits to being a small business owner as well as the impact they are having on their communities. Students were excited to hear about entrepreneurship first hand, and many commented on the insights they gained into small business ownership in New York City. Also in attendance was the Trevor Day School Microfinance club, and the Accion Microfinance Council, who hosted a trivia competition.
Six Accion clients hosted a table to feature and sell their products. The event was more than an educational opportunity; it was also a business development opportunity.
Kari, of Morris Kitchen, spread the word about her ginger syrup product.
- Lynette, fashion designer of Lynette Tyner’s Collection, sold 8 purses and bracelets and was offered a speaking opportunity at a women’s conference;
- Sandra, fashion designer of Sandra Baquero Designs, sold 7 dresses and shawls;
- Wayne and Tracie of Lonestar Taco secured a catering contract;
- Cheryl of Cheryl’s Global Soul made a connection with a food reviewer; and,
- Lisa Bracigliano of The Chocolate Swirl received several leads to cater birthday and graduation parties for some of the students.
We would like to thank the Zawadi by Youth for their support and for hosting such a wonderful event. Zawadi by Youth is a microfinance club that was founded at the Riverdale Country School in New York during September of 2008. They are one of the first high school microfinance groups in the country and are entirely student-run with over 30 members. The group mostly focuses their loans on entrepreneurs in developing countries, but we are glad to see them taking an interest in domestic microfinance as well!
Thanks to Zawadi by Youth for hosting the event!
For more pictures of the event, visit our facebook page.
Month of Microfinance
By: Lara Froemke, Mary Washington University
Microfinance has a strong following. The success stories of empowered individuals whose lives are made better off because of microfinance are many. Microfinance academics and practitioners constantly seek to expand knowledge and application of microfinance to provide poor and low-income individuals with financial services and training.
But, there are still some questions. Should microfinance be value-driven or profit-driven? Is microfinance an industry or a movement? Month of Microfinance (MoMF) has some thoughts.
The 2012 Month of Microfinance (MoMF) is a coalition of student-led and student-focused organizations dedicated to microfinance. It is an academic movement and it seeks to generate critical conversations and awareness of microfinance practices. The three critical objectives are:
1) To provide educational opportunities for students and their communities and prepare students to become the next generation of microfinance practitioners
2)To raise awareness and funds for domestic and global microfinance
3)To unite the student microfinance movement in a coordinated and shared event
During April, students at participating college, university, and high school campuses will host and participate in campus events related to microfinance. The MoMF will connect microfinance in the professional world with microfinance in the academic world through student-led events.
Student-led events will include:
- Hosting professional guest speakers
- Showing microfinance documentaries
- Fundraising for microfinance institutions
- Hosting microfinance discussion groups
- Writing letters to local community newspapers
- Making information about microfinance available to other students
MoMF partner organizations also host events, via virtual events such as webinars and blogs and community and educational events. Check out the nationwide event list.
Each student-hosted event will focus on the definition of microfinance, the groups that benefit from microfinance, and the relationship between client-centered and profit driven microfinance.
Take a few minutes to browse the Month of Microfinance website to find out more about this nationwide academic movement happening in April. Learn how you can host awareness and fundraising activities or to partner with MoMF here.
ACCION USA Interns Take Microfinance Trip to Panama
Aurora Gilbert and I, both ACCION USA interns and Columbia University students, spent part of winter break in Panama with
Torti Abajo Savings and Loan Cooperative
Global Brigades, a global health and sustainable development organization that offers nine skill-based volunteer programs to improve quality of life in under-resourced communities.
We traveled with the Columbia Business Brigade to a rural town called Torti Abajo, where community members have launched a community savings and loan cooperative. Since opening its doors last August, the coop has disbursed loans totaling $7,000 to 5 of its 25 members. Our group, a mixture of graduate and undergraduate students, spent the week meeting with families in the village to provide tools for savings and build awareness about the coop. We also assisted entrepreneurs with developing plans and budgets for them to start and grow their microenterprises.
One of the women with whom we worked wants to start raising chickens that she can sell to the butcher. So we created a business plan, with start-up costs for building a chicken coop and buying the chickens, and a budget for her to determine projected revenues. Her husband works in the rice fields – a three hour horseback ride from home – but will be losing his job due to a land dispute with the indigenous tribe. Therefore, this chicken-raising business will be the sole source of income for her family which includes an adopted daughter and a teenage niece.
The first loan funded a chicken coop for a family business.
I was inspired by the drive and entrepreneurial spirit among the community members in Torti Abajo. After being equipped with the tools to plan and budget, these entrepreneurs were determined to build assets, thereby providing for their families and strengthening their communities.
This was an incredible experience in which we learned a great deal from these motivated and hard-working community members. It also further invigorated my belief that small loans can help achieve big dreams – not only abroad but in our communities here in the United States. Committed to applying our energy and tools for building sustainable businesses, I look forward to furthering the work and mission of microfinance at Accion this spring.
Tags: panama
ACCION USA and Chase Bank Partner to Meet the Needs of Small Businesses Owners
When Julio moved from Colombia to Florida, he knew he wanted to bring a bit of his hometown with him, so he opened Rico Pan De Bono, a bakery serving traditional Colombian food and pastries. For the past 7 years, Julio’s bakery has become an important part of his community, helping provide jobs for 8 individuals. Late last year, the bakery needed some crucial renovations to remain in business and Julio needed capital to move on with these changes. Unfortunately, just like many entrepreneurs who are new to this country, Julio’s short credit history made it impossible for him to receive a loan from a bank. Luckily, his banker at Chase referred him to microlender ACCION USA where his loan consultant, Gustavo Perez, was able to help him understand his credit and what credit means to him. Together, they drafted a plan to improve his credit and ACCION USA provided him with a $5,000 microloan. This money will not just help Julio build his credit history, but it will also help him keep the doors to his business open.
In November, our Florida team launched a coordinated referral partnership with local Chase branches and business bankers to receive business loan applicants that didn’t meet Chase’s criteria. These individuals are referred to ACCION USA where they receive technical assistance and loans. This way, Chase bankers are able to preserve their relationships with applicants—applicants that ultimately grow their businesses, formalize and deposit their loans and business revenue into Chase accounts. This past month, half of our loans disbursed in Miami were referrals from Chase.
“I truly appreciate your partnership and allowing us the access of your resources so that we may be of service to our local communities.” -Ricardo Nelson Rios, Chase Business Banking Area Manager, Miami, FL.
Want to be become a partner? Contact us!
New York—Erica Dorn
New England—Elizabeth Garlow
Florida— Gustavo Perez
Nationwide—Jennifer Spaziano
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