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ACCION USA supported start-up small
business when banks could not help
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When she was growing up, Monica Landrum was fascinated by the techniques her grandmother used to style her hair. As she got older, she began experimenting with various styles and colors on her sisters and cousins. This fascination eventually led Monica to work at a well-known salon near Boston.
Looking for more creativity and control
Though this might have seemed like a perfect job, Monica wasn't satisfied. She wanted to own a salon so that she could make a better living and have financial independence for herself and her sons. And she wanted to push her own creativity to its fullest potential.
At the salon, she met Todd Warfield, a co-worker, who shared the desire to own a salon. They put together a business plan, but they didn't have the start-up financing they needed. Traditional banks turned down their requests for a small business loan. "In the salon business, it's really difficult to show a finished product, so it was very hard to get a loan from a bank," explains Monica.
Start-up support gets salon up and running
Monica and Todd heard about ACCION USA from Todd's cousin, who was helping them with their business plan. A small business loan from ACCION USA enabled Monica and Todd to rent salon space and buy equipment. A second loan allowed them to attend several training sessions for hair stylists, helping them connect with other stylists around the country and expand their clientele.
Living the dream
Now that Monica's dream of owning her own salon has come true, she is still working as hard as ever. But she's able to explore her own creative and entrepreneurial talents. And she can now pursue professional goals that she was never able to before. For example, she is looking forward to becoming a certified Paul Mitchell educator—and to helping other start-up salons.
Todd and Monica are grateful to ACCION USA for helping them when others could not. "I always had an entrepreneurial spirit," says Todd. "I just didn't know how I could use it." Now, with a loan from ACCION USA, Todd and Monica are putting their talents to the test every day.
An alternative to traditional bank loans
Like Todd and Monica, many entrepreneurs turn to ACCION USA when traditional banks are unable to help. ACCION USA serves as an alternative source of capital for entrepreneurs working to build their businesses. If you're interested in pursuing your entrepreneurial goals, apply for a small business loan from ACCION USA today. If you know entrepreneurs who can benefit from ACCION's business financing, refer them to ACCION USA today.
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