The desire to start a small business to provide for one’s family is universal.
When traditional banks won’t “touch” a creditor, it’s sometimes possible to find alternative financing through “affinity” groups whose goals are different than commmercial banks.
Here’s how the Hebrew Free Loan Association helped one immigrant:
Viktor emigrated from Ukraine with his family and a few hundred dollars, but with unlimited dreams. He studied English, worked very hard as a software engineer, and then was ready for a business venture of his own. “I’m a very proud man, a proud Jew and a proud American, and it was not easy to ask for help. Hebrew Free Loan made me feel that they were making an investment in me,” he said. At age 50, Viktor’s business loan from Hebrew Free Loan gave him a new lease on life, for himself and his family.
“You gave me back my dignity,” Viktor told us. I can provide for my family and soon will be doing well enough that I can turn the tables and proudly begin to give back. Thank you!”
Some communities have Community Development Credit Unions that may help too.
Other close knit groups who come to this country set up revolving credit pools where a number of individuals put a small amount of “money in the hat” in a lump sum or on a weekly basis. One member is allowed to take a business loan and then pay it back. Then another member gets their turn.
Short of money?
Perhaps these options can help…
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