handbag designer launches business after wakeup call

Amy Chernoff is a seasoned professional of the e-commerce space with 15 years of distinguished corporate experience. Passionate about fabrics and craft making, Amy's demanding career as a Business Development Manager with companies like Toys R Us and Adorn Brides never allowed her to give meaningful focus to her hobby. It was not until 2008 after experiencing a personal wakeup call that Amy decided to turn her hobby of making handbags into an enterprise. Fast forward to 2011: amy+owens handbags is an incorporated business with a product line sold in over 35 fashion boutiques around the New York City area.

Amy moved to New York City from Rochester 15 years ago to be with her husband. Ever since Amy can remember, she has had a knack for crafts and gift making, often opting to make homemade gifts for her friends on birthdays and holidays. "My friends would call me after receiving a gift to tell me that people on the street were stopping them to ask where the gift was from," remembers Amy. Her collection of personal accessories (think: iPad cases, change purses) and handbags began to garner even more attention from neighborhood boutiques and craft stores, impressed by the modern flare and craftsmanship of her products. "I had thought about selling my handbags commercially but was too busy with my day job and was honestly afraid of taking such a risk," explains Amy.

It was not until Amy's best childhood friend passed away from breast cancer that she decided to turn her hobby of making handbags into an enterprise. "It was a very important wake up call for me. I had a moment of clarity where I realized it was time to start living the life I had always wanted. You only get one chance," said Amy. Amy and her friend shared a mutual passion for fabrics and craft-making and Amy decided her line of handbags would pay tribute to her friend by including a pink inner lining for breast cancer awareness. "Today, every time I look at one of my handbags I am reminded of my friend. Her legacy lives on," said Amy.

In 2009, inspired from her personal wakeup call, Amy purchased some vintage fabric, put together a few designs and found a small factory in Long Island City to produce her samples. Incorporating her son and mother in her business operations, they all worked diligently to bring together Amy's handbag and accessory concept. "The initial feedback was great and at this point it turned from a hobby to a full business," said Amy.

By 2010 Amy was experiencing a high demand for her handbags for the NYC Fall Gift Show. She had the raw materials for her handbags but did not have the working capital to pay factory expenses, as her business operation had been entirely funded from personal finances up to this point. "I was cutting it real close," Amy remembers. She approached two different banks but could not secure financing on account of her "shoebox of receipts" and her lacking business history/balance sheet. As a Tory Burch enthusiast, Amy routinely browsed Tory Burch's website and one afternoon, by happenstance, she found a viable solution to her financing challenges. Amy stumbled upon an article about the Tory Burch Foundation's partnership with ACCION USA, about their mutual mission of empowering budding entrepreneurs with access to capital and business mentoring programs. Ecstatic by what she found, Amy reached out to ACCION USA immediately.

Eager to hear Amy's story, ACCION USA Loan Consultant Jim Moore remembers sitting down for 5 hours with Amy in a diner, sorting through her shoebox of receipts. "Jim was VERY attentive. He helped me put together balance sheets and collect all of my documents," Amy explains. Jim took notice of her business acumen and the momentum of her product line and after helping to sort her expenses was able to approve her for a loan in the amount of $25,000. With ACCION USA's support, Amy was able to expand her business by pay factory production fees, allowing for a buffer for a tradeshow in Atlanta where she was able to tap into a new market. "My business would not be possible without ACCION USA," said Amy. "All of these fantastic things happened this year because of the loan secured by ACCION USA. ACCION USA helped to turn a constant stream of NO's into a YES," recalls Amy, with a smile.

To visit Amy's website click here!

Also, see Amy's handbags promoted on ACCION USA's Microfinance Holiday Marketplace!