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In this issue:
Change is in the air this month as the season moves from Summer to Fall. The sight of yellow buses, changing foliage and the smell of warm apple pie either stir a sense of new beginnings or dread of things to come. Either way, change is coming. The key is adapting to this change. In this month's Credit Lines, we feature ways that our clients have embraced change, whether it was moving to a new country or recovering from the loss of a job. Thanks to your support of Accion's mission, YOU have helped these business owners embrace change by adapting their businesses to provide for themselves, their families and the communities around them. That's not apple pie you are smelling; rather, it's the sweet smell of success!
Gratefully yours,
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Marcelo, owner of Kone Restaurant.
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Henry, owner of Strawberry Hill Grand Delights with Accion Intake Manager, Andrea Ierace.
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Riccardo, owner of Arepas Cafe, poses with Paul Quintero.
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An employee of Beatriz Cilantro Salsa serves food to guests at last year's Soiree for Small Business in Miami.
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From Guns to Grouper
What images come to mind when you picture Rio de Janeiro? The beach? Samba? Guns? Tired of violent crime in his city, Marcelo decided it was time for a change. He moved his wife, his young son and his Japanese Restaurant to Miami. Almost immediately, Marco realized that his restaurant was not attracting the same number of customers as it had in Rio. He knew he needed to get creative.
Marcelo refocused his menu to reflect a fusion of Latin and Asian flavors. He needed capital to implement his new menu. Having already invested his money in the move, he had now to get creative with his funding source. He approached his long-time banker at Bank of America for help. His banker, determined to find the best program for him, referred Marcelo to Accion where he received a loan to invest in his new concept. Now, Kone Restaurant is one of the top seafood restaurants on Espanola Way.
Bank of America and Accion have partnered to provide lower cost capital to small business owners through our SBA program. With Bank of America's support, we expanded the program to Florida. Together, we're building access to capital for small business owners, like Marcelo, throughout the East Coast.
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Sculpting a Profession, Delighting the Taste Buds
When the economy crashed, Henry faced a grim reality: his career as a sculptor no longer supported him financially. The Italian native had to devise an alternative source of income. So Henry took his two chief interests, biology and artisanship, and combined them with his chief weakness: candy. He opened a gluten-free confectionery, Strawberry Hill Grand Delights.
Starting his business was more costly than Henry anticipated. The equipment was very expensive and Henry was unable to obtain a business loan. It was then that Henry attended an Accion sponsored workshop. After working with a loan consultant, he received a loan which allowed him to build his own equipment. Today, Strawberry Hill employs more than eight people and has been featured in myriad publications for its gourmet products.
Last year, the Massachusetts Growth Capital Corporation awarded Accion a significant grant to support our work with entrepreneurs throughout the state. In July, we surveyed our clients in Massachusetts and found something incredible: 99% of our clients said they were able to start, grow or stabilize their business as a direct result of their Accion loan. With MGCC's support again this year, we can't wait to help hundreds of more businesses, like Henry's, achieve success in the coming year!
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6 Years, 3 Loans and Thousands of Arepas Later
As the last booths and signs were being installed in his second restaurant, Riccardo reminisced with Paul Quintero about when he first came to Accion six years ago to open Arepas Cafe in Queens, New York. Riccardo had needed a loan, and more importantly, a business plan. His loan consultant worked with him to develop financial projections and a budget. Two loans, a restaurant expansion, and several workshops later, Riccardo once again turned to Accion this past month and received a third loan to open a second Venezuelan restaurant in Queens. Learn more about Riccardo and Arepas Cafe.
With support from the PIMCO Foundation for our 2013 New York Financial Education Program, we can pair each microloan with the financial guidance our clients need to get started, expand, and create jobs in their communities. Last month, we were happy to bring our supporters from PIMCO to Arepas Cafe to see our work in action. "It was a special treat to eat at Riccardo's restaurant and see the results of microlending in action. I will forever remain a fan of cachapas," said the Foundation's Director.
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Save the Date: Soiree for Small Business
It's fresh, it's bright and it's delicious. Beatriz worked on her salsa recipe for 20 years before launching Beatriz Cilantro Salsa, and our palettes have never been the same. Beatriz's salsa pairings will be on the menu, along with other food and entertainment from Accion clients at our second annual Soiree for Small Business in Miami on Thursday, September 6th.
Come learn more about Accion's work in Florida, meet Accion clients and support small businesses. Tickets to the event are on sale now.
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Item of the Month: Veri Peri Hot Sauce
Victoria became obsessed with the popular South African hot sauce known as Veri Peri while on a trip to South Africa. Upon returning home to the United States, she could not find the hot sauce anywhere. She followed her craving and launched her own business selling it in the United States. Veri Peri is made with the African Bird's Eye Chili Pepper and is smoother on the taste buds than other hot sauces. Try it as a marinade, an ingredient in your favorite recipe or simply as a condiment!
Visit our marketplace to try your first bottle of Veri Peri.
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