Borrower Story: Prospect Cleaning Service in NYC

Borrower Story: Prospect Cleaning Service in NYC

Borrower Stories, CDFIs, CNote
Community lending - Helping small businesses grow Running a small business is a huge challenge. Even with the best laid business plan and capital to spare, if you want to follow the long road to success you are going to need some help. Be it financial planning or access to skilled employees, a small business’ ability to leverage this help is critical to surviving and growing. We spent time with Prospect Cleaning Service to learn more about their experience working with the Excelsior Growth Fund (EGF), one of CNote’s CDFI partners. EGF worked with Propsect's owner, Ingrid Murray, to help her get her business positioned for sustained growth and financial success. Her story illustrates that CDFIs do a lot more than just cut a check for borrowers--they invest in their long-term success. …
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Borrower Story: Meet Fany Gerson with La Newyorkina

Borrower Story: Meet Fany Gerson with La Newyorkina

Borrower Stories, CDFIs
La Newyorkina is a fan favorite in New York City. Found at kiosks, carts, and coffee shops in the East Village and a retail store out of Brooklyn, its authentic, tasty frozen treats and sweets from Mexico are a special treat in the heat of NYC summer. After making tens of thousands of satisfied customers happy, La Newyorkina was ready to bring their goodies to even more people and expand into other parts of the city. And then Hurricane Sandy happened. The expansion was stalled indefinitely. Fany Gerson, the founder of La Newyorkina, did not give up. She continued with her plans for growth and was even preparing to ramp up the business for the next season. But she needed capital and needed it quickly. “If we had to wait…
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Borrower Story: Meet Maria Cruz with Heavenly Flowers

Borrower Story: Meet Maria Cruz with Heavenly Flowers

Borrower Stories, CDFIs, CNote
Keeping The Florist Business Local Who knew the flower business was so competitive? Most of your revenues come from just a few days out of the year and its a supply chain and logistics nightmare. Not only that, but with online ordering and distribution networks, it takes real dedication and talent to separate yourself from all that competition. An entrepreneur that is up for the challenge Meet Maria Cruz from Long Island. Her passion is flowers. She has the chops to make stunning arrangements and provides the kind of customer service that keeps five-star reviews rolling in on Yelp. The road to get there wasn't easy, but she's a dedicated entrepreneur that wouldn't give up on her dreams. Maria in her store, Photo Credit: Heavenly Flowers Too Owning her own…
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Why haven’t I heard of CDFIs before?

Why haven’t I heard of CDFIs before?

CDFIs
CDFIs are a tough acronym to remember. We get it. It stands for Community Development Financial Institutions - yet another mouthful. We think the easiest way to describe them is - lenders for the community. So..say you have a dream of opening up your own business. You have the drive, a great idea, and all you need is to borrow a few bucks to get it going or keep it going. Unfortunately, your options are not so great. Sorry to break the news, but not all lenders are the same and the online lenders you’ve heard of typically charge small businesses 6 to 7x more than large banks to access money. Yup. But wait, this is where CDFIs come in! They provide small businesses fair capital and business coaching. And…
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