When Julio moved from Colombia to Florida, he knew he wanted to bring a bit of his hometown with him, so he opened Rico Pan De Bono, a bakery serving traditional Colombian food and pastries. For the past 7 years, Julio’s bakery has become an important part of his community, helping provide jobs for 8 individuals. Late last year, the bakery needed some crucial renovations to remain in business and Julio needed capital to move on with these changes. Unfortunately, just like many entrepreneurs who are new to this country, Julio’s short credit history made it impossible for him to receive a loan from a bank. Luckily, his banker at Chase referred him to microlender ACCION USA where his loan consultant, Gustavo Perez, was able to help him understand his credit and what credit means to him. Together, they drafted a plan to improve his credit and ACCION USA provided him with a $5,000 microloan. This money will not just help Julio build his credit history, but it will also help him keep the doors to his business open.
In November, our Florida team launched a coordinated referral partnership with local Chase branches and business bankers to receive business loan applicants that didn’t meet Chase’s criteria. These individuals are referred to ACCION USA where they receive technical assistance and loans. This way, Chase bankers are able to preserve their relationships with applicants—applicants that ultimately grow their businesses, formalize and deposit their loans and business revenue into Chase accounts. This past month, half of our loans disbursed in Miami were referrals from Chase.
“I truly appreciate your partnership and allowing us the access of your resources so that we may be of service to our local communities.” -Ricardo Nelson Rios, Chase Business Banking Area Manager, Miami, FL.
Want to be become a partner? Contact us!
New York—Erica Dorn
New England—Elizabeth Garlow
Florida— Gustavo Perez