Boston Minority Business Success Story!

As President Clinton has pointed out on multiple occasions, microfinance provides low-income people the opportunity to help themselves make their way out of poverty by starting their own small businesses. I am a volunteer advisory board member and donor to ACCION USA, a non-profit microfinance organization working primarily with low-income, minority and women entrepreneurs in the U.S. I volunteer with ACCION USA because it helps people like Monica Landrum.

After several years working in other salons, Monica wanted to own her own beauty salon so that she could make a better living for herself and her sons. A co-worker, Todd Warfield, shared Monica’s vision, and together they developed a business plan to open their own salon. But, like so many other would-be entrepreneurs, they did not have the start-up capital they needed, and they had been turned down by traditional banks. That’s when Todd’s cousin, who was helping them with their business plan, told them about ACCION USA.

Several years and two ACCION USA loans later, Monica and Todd are now living out their dreams. In 2007 business is booming and the salon is in the running for a local ‘Best of Boston’ contest. They are looking to move to a new space to accommodate the demand; they are currently training two assistants to be stylists, and expect to need at least seven working chairs in the new space.

I love stories like this and this is why I volunteer for ACCION USA!