Friday, May 13, 2011

San Diego Business Journal Features ACCION Client, Mario Lewis, and the Impact of Microfinance

While many of us who work here, know the importance of Microfinance, the impact of it is beginning to be known in a much more widespread and direct Manner.

Earlier this week, one of our Clients was featured in the San Diego Business Journal , in an Article by Mike Allen.

From the article, Mike Writes:
"Lewis and three other entrepreneurs talked about their experiences in seeking and getting the money to help grow their businesses and take them to new levels. Soon after opening his barber shop in 2006, Lewis realized he needed more chairs to accommodate an unexpected flood of customers. But his bank, where he did business for many years, said no can do.
The fact is most banks want to see at least a two year track record, consistent profits and good prospects for growth before they lend.
Though he's clearly been successful, Lewis isn't satisfied with what he's done.
Realizing the area has only two barber colleges and a growing need for the service, he plans to open a barber college which could train about 40 students at a time. "

Like many other small business owners, who have dreams which need funding to fulfill, Mario initially turned to a bank to get his funding, but due to their requirements, could not help him. However, the impact that Mario's initial $2000 dollar loan created, has left a lasting impact on the community at large and will create new jobs to positively impact the economy.

You can read more of the article online at the San Diego Business Journal  here:

Please note that this requires you to have a subscription! Otherwise, you can find the San Diego Business Journal in print!

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