At Berenice’s Kids of McAllen, the right dress can transform everyday events into memorable celebrations. Despite its success, this children’s formal wear boutique struggles like many other fledgling businesses burdened by the weight of conventional bank loans.
In 2014, Berenice’s owner, Carolina Muñoz, turned to LiftFund-McAllen for help in reducing her loan’s interest rate. She was able to secure a $35,000 loan under the non-profit corporation’s 0% interest buy down program. It was a financial bridge that took her business to the next level.
“There were several months where the business saw very little sales due to the slow economy,” said Muñoz. “LiftFund-McAllen’s 0% Buy Down program helped me cover my expenses and at the same time allowed me to hire a full-time in-house seamstress. It helped a lot”
Since 1998, LiftFund-McAllen has provided more than 1,900 loans to small businesses totaling nearly $22 million. Available to start-up and existing businesses alike, LiftFund-McAllen is focused on helping those small businesses which, for various reasons, cannot qualify for conventional bank funding.
Clients can use their loans for qualifying expenditures, such as real estate and equipment purchases. Many clients have received more than one loan from LiftFund-McAllen.
“Working with Berenice’s Kids has been a great experience,” said LiftFund Business Development Officer, Marlene Rodriguez. “LiftFund has been a partner in watching her business grow from one a small shop downtown to four stores within the city. It’s been about connecting them with the right resources which allowed them to get where they’re at. It’s been a learning experience for all of us in helping her get through, so that she can be able to accomplish her dreams.”
LiftFund-McAllen is funded, in part, by the McAllen Economic Development Corporation. The non-profit received $200,000 in city funding last year. It was money well spent, according to City Manager, Roel “Roy” Rodriguez.
“Small business is at the heart of everything no matter where you are,” said Rodriguez. “Too many times municipalities are focused on bringing in the newest thing or the biggest thing. While that’s important, while that’s certainly a part of our job, it’s just as important to ensure that we, in partnership with the chamber, are making sure we’re looking out for the businesses that exist here in McAllen.”
If you’re thinking about starting, stabilizing or expanding your business, LiftFund is here for you with our small business loans. We look beyond credit scores to provide you with the financing that best fits your needs. Call us today at: 1-888-215-2373 or visit our website at: www.mcallen.liftfund.com.