ACCION USA small business loan serves as a cost-effective alternative to credit cards

Back in Brazil, Olavo Magalhaes ran a money transfer business and travel agency. So he's no stranger to the challenges of starting his own business. When he started Monex-his clothing and sporting goods store in Framingham, MA-Olavo started small. At first, he just sold sporting goods, including sports jerseys to Brazilian and Latin American soccer teams.

Deciding not to charge it
Then he kept expanding to meet the needs of his customers-adding jeans, women's fashion clothing, a shelf of Brazilian food and cooking items, and more. But expanding a store is expensive. Like many small business owners, Olavo considered using his credit cards to pay for new merchandise when he decided to expand his inventory. But he knew that the interest rates were far too high to be a viable financial solution for his small business.

Key small business loan helps fuel expansion
He heard about ACCION USA from a friend and applied for a small business loan. The money he received from ACCION USA let him start stocking his store with jeans and to increase his overall merchandise stock.

Now Olavo is applying for a money transfer license so that he can start attracting customers from Framingham's large Hispanic community. And he hopes to start renting out post office boxes and selling phone cards-which offer opportunities to gain new customers beyond his loyal Brazilian base.

A smarter way to grow
Like many small business owners, Olavo was tempted to use his credit cards to expand his business. But the high interest rates charged by credit card companies can cause serious problems and escalating debt. ACCION USA small business loans serve as a smarter alternative. If you want to expand your business without running up your credit card bills, apply for an ACCION USA small business loan today.