While our loans are small compared to the loans made by commercial banks, they can be critically important to the expansion of small businesses. Our borrowers typically use loans to address their needs for items such as inventory, equipment, business licenses or insurance. The best way to truly understand the impact of The PLAN Fund and microfinance in Dallas is to hear from our borrowers:
- Valerie C., who owns Picklelicious Pickles, started her business in 2004. As an ex-offender with little business experience, Valerie had few options for business support and funding for her business. Valerie received a PLAN Fund loan for $1,200 in April, 2009 to purchase inventory and to rent a space that was fully compliant with local health regulations. “Thanks so much for your help and COMPASSION! I will never forget what the PLAN FUND has done for me”, said Valerie. After paying of her 1st loan in January 2010, Valerie received her 2nd loan for $4,500 in July, 2010.
- Winston A. had earned several solid commercial lawn maintenance contracts, and needed to purchase a commercial grade lawn mower. The $6,000 loan he received from PLAN Fund in April, 2010 enabled him to purchase a commercial grade mower, avoiding the cost of renting the mower for $500 per week and increasing his profit margin.
Mike L. is the owner of the Pizza Lounge, located in the Fair Park area of Dallas. The restaurant serves “homemade” pizza and various eclectic dishes. Only in business since November, 2009, the restaurant’s monthly revenues have jumped from $15K to almost $35K with a workforce of 20 employees. Mike received a PF loan of $3,000 and a variety of technical assistance that helped resolve a tax issue with the Texas State Controller’s Office. Mike says: “I now turn the key to open our business every morning with a newfound confidence that Pizza Lounge and the PLAN Fund can overcome anything and reach heights others would only say ‘impossible’ and ‘no’ to.”
- Anthony T., owner of AET Passenger Service, received his 2nd PF loan for $2,200 in August 2009 to acquire the City of Dallas Transportation Operating Permit required to carry passengers. Anthony said, “The PF loan has helped me move my business to the next level.” Anthony paid off his 2nd loan in September, 2010.
- Jose M. is the owner of Eagles Collision Repair Service. He started his business in October 2006. Jose realized that in order to grow his business he needed to have replacement parts (fenders, hoods, and painting supplies) on hand. He heard about the PLAN Fund through his church and decided to take the Business Basics Training course in November, 2008. In October, 2009, he received his 3rd loan in the amount of $3,000 to purchase equipment and support the growth of his car repair business.
- Sharon P. runs the “Exclusively For You Salon by Sharon” beauty salon located in a distressed community near Fair Park in South Dallas. Sharon was approved for a $1,500 loan to be used for upgrading, paint and hair supplies to create an additional revenue stream for the salon. “The PLAN Fund helped me give my shop a facelift and buy more professional products that my customers have been waiting for. My business is my sole income, and running it has been rewarding for me and motivating for my two daughters, who have also been inspired to become entrepreneurs. What I love most about being self-employed is the opportunity to be who I really am. Despite working really hard, the light I see from the sense of confidence in my children’s eyes makes working my way up from scratch and the tough journey ahead worthwhile.”
- Myrtle F., founder of Teacakes & More, says “If you are handed a lemon, don’t make just lemonade make a lemon pie!” Myrtle grew up in rural Texas, in a family of eleven children. One of her fondest memories is cooking with her mother. By the time she was 12 years old, Myrtle was preparing full course meals. Her love of cooking eventually inspired her to open a full service catering company, “Teacakes & More”. But Myrtle discovered how challenging it was to operate a business successfully. Thanks to her friends’ support and advice, Myrtle joined the PLAN Fund. She greatly benefited from our encouraging atmosphere, business training and network opportunities. Through the PLAN Fund, she has met many successful business entrepreneurs, learned how to market her company effectively and write a business plan. She also received a $1,500 loan from the PLAN Fund to purchase catering equipment and other supplies. Myrtle’s cooking talent and her hard work combined with our support helped her operate “Teacakes & More” successfully.
- Sam H. is President of “S & A Oxygen Express,” a growing Medical Equipment Company based in Mesquite, Texas. Sam has been in the durable medical equipment industry since he started “S & A Oxygen” in January 2003. Sam started his company as a one person shop, singly taking responsibility for sales, marketing, operations, delivery, office management, and everything else. As a new business without a track record, no commercial bank agreed to lend Sam the necessary capital to kick start his business. But the PLAN Fund disbursed Sam loans in the amount of $1,500 and later $3,000. In just over two and half years, through his determination and desire to succeed, Sam has grown his business from an idea with no billings to a company with five full-time employees and revenues that approach almost $300K. Later Sam joined the PLAN Fund board, becoming the PLAN Fund’s first former borrower to be a board member. Prior to his business career, Sam had a distinguished 26 years naval career, honorably retiring in 1996 as Senior Chief Petty Officer. Sam and his wife Allison have raised eight children.
- Olivia Gonzales, founder of OMEGA Lingerie, says “I am very happy to have a business that I truly love. I run my business with lots of affection so that my clients will leave my store satisfied and will recommend me to their friends.” Olivia’s retail company is located at the Plaza Latina Bazaar in Dallas. Olivia established OMEGA in 1998, opening her own retail store in 2002. Her store sells premium lingerie and women’s fashion shoes that targets the booming Hispanic market in Dallas. Olivia is a born entrepreneur and has had her own business for over a decade. In the fall of 2003, she borrowed PLAN Fund loan for $1,500 to expand her business line. Two years later Olivia received her second PLAN Fund loan of $2,000 to extend her inventory selection. Olivia is a single mother with three young children.
