A local entrepreneur celebrates a second year of success, and inspires new business opportunities in her neighborhood with the help of a microloan from Accion.
When Rosaura opened her salon in Crown Heights, it was the only business on the block. She took a chance, but was confident that her 20 years of experience styling hair in the Dominican Republic and Brooklyn would draw customers to her store. And with four children to support, she was determined to make her business a success. It wasn’t easy, “I knew how I wanted to treat my customers but I needed to learn how to run my business.”
It was her empathy to her customers that ultimately led to a thriving business. She created a private room in the back of her salon where she will cater to Muslim women who, for religious reasons, cannot have their hair seen in public. The word quickly through out the Muslim community and she received an influx of clients.
Rosaura’s new business was growing quickly and she needed financing to purchase more products. Given her limited credit experience and small loan request, Rosaura could not qualify for financing from her local bank. She was referred to Accion, and following a careful assessment with a loan consultant was provided with options that suited her. Ultimately, Rosaura received a $1,600 microloan to purchase more product inventory and establish credit. Rosaura also received critical counseling from her loan consultant to put her on the path to developing her credit, documenting her financials, and managing her cash flow.
Her business success has fostered economic growth in her neighborhood. She provides good-paying jobs to four women. And it doesn’t stop there. Seeing the success of Rosaura’s salon, several other businesses have opened on her block. Rosaura has played a key role in the revitalization of her neighborhood and it’s been recognized by the City. Last year, on her salon’s first year anniversary, the City presented Rosaura an award thanking her for creating employment opportunities for women. “I love serving my community. I wish I could do more.”
For this year’s upcoming second-year anniversary, Rosaura will be celebrating in style. On Saturday October 4th, Orquidea’s Beauty Salon will welcome customers with a Dominican buffet, hair product sample giveaways, and 20 percent off all services throughout the day.