Tips on how to get the loan your business needs:
Firms commissioned by The Federal Reserve BanksFriends gave them a loan and World Empanadas was able to move into a 1,500-square-foot location on Magnolia Boulevard in Burbank, California. However, soon, Hirtz realized that she didn’t have enough space to store the fresh, handmade empanadas. The family was using a bunch of small refrigerators. “It was horrible,” she said. “Every day, a refrigerator would die.” They needed in a walk-in refrigerator.
CDFIs are nonprofits and support their borrowers with training and technical assistance to ensure their success. As a result, CDFIs have high repayment rates. Their funders include the United States government, commercial banks, foundations, faith-based organizations, and even individuals, all of whom receive a steady return by investing in CDFIs.
World Empanadas has grown substantially. Revenues in 2018 were $1.5 million. Only 1.7% of all women-owned businesses pass the million dollar mark, according to SWOB. Increasingly women are growing their businesses past a million dollars: an increase of 46% over the past 11 years vs. 12% for businesses in general. The company now employs 17 people.
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