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Elena

iCandy Hair Studio

Denver, CO

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Personal Story

I grew up in the Montbello neighborhood of Denver, CO. My parents had my brother and I later in life and because they were older, my father struggled with health issues through much of my childhood. The same year that my brother was born, my father had a heart attack, which stopped him from being able to work. With only my mother working, my family struggled financially.

Our family had to move in with my aunt and uncle, and my mother would often work fourteen hours a day just to make ends meet. I have learning disability, so often struggled in school, especially with reading. At the age of 16, I was involved with a car accident that left me in a coma for a week. At the age of 17, I dropped out of high school and left home to become independent.

Since I was very young, I have always loved hair. I used to go with my father to the barber shop as a young child and was fascinated as I watched the barbers giving haircuts. My father’s health problems continued to deteriorate as he got older, and he eventually passed away in 2002. With his passing, I finally decided to pursue this passion of mine by finishing high school and attending cosmetology school to become a hair stylist. As a single mother with a two-year-old at the time, I wasn’t sure I could do it, but I pushed myself and graduated from cosmetology school. For the past nine years, I have been working at various salons as a stylist and I love my work. When I’m doing hair, it doesn’t feel like I’m working. I feel so blessed to have found something that I truly love to do.

While I love working as a stylist, I did not always have positive experiences working for others in their salons. Unfortunately, I often dealt with unethical business practices and untrustworthy employers. After working at one salon for five years, I lost my job and all of my clientele when my employer lost her entire salon due to personal issues. I struggled after this happened, and had to file for unemployment. Numerous people told me that I should open my own salon, and even though I had no intention of doing so when I first became a stylist, I decided it was the best option to provide a living for my daughter and I.

When I first lost my job and decided to open a salon, I did not have the credit or funds necessary to open my own business. While I am still lacking the funds I need, I decided to continue pursuing the idea. I enrolled in the Business Success course at the Women’s Business Center at Mi Casa Resource Center and graduated two years ago with a solid business plan and foundation for opening my own salon. I continue to receive business counseling from Mi Casa as I research and implement my business plan.

Business Description

My salon will be called iCandy Hair Studio and will offer the services of haircuts, hair color, and eyelash extensions. I am currently working on a patent for the type of eyelash extensions I offer to clients. My salon is not strictly for high-end clientele, but instead offers more affordable services, at approximately $45-$50 per haircut. I have a location determined, which I will lease as soon as I have the funds for a $2000 deposit. This location will be located near a massage clinic and a waxing salon.

I currently have three other stylists that will be employed at my salon, and am in the process of searching for a fourth stylist, as I plan to have five different stations. I have plans for marketing the salon as well. I have developed media connections to promote the business, have a designer working on a logo, and plan to have a presence on social media sites, including Facebook.

In addition, I am working with two different hair product lines that will include my salon logo on their websites if I carry their products. In addition, one of these product lines will create a website for my salon.

What is the purpose of this loan?

A loan from KIVA of $4000 would allow me to move forward with the opening of my salon. I have already received a separate loan of $4000, but in order to open, I need an additional $4000. This loan would be used to purchase hair color, products, stations, and a sign. In addition, I would use $2000 of this loan to place a deposit on the location. The projected profit for the first year of business would be $69,582, allowing me to earn sufficient funds to repay any loans I receive.

Elena's loan is endorsed by Women's Business Center at Mi Casa Resource Center. The information below explains why her trustee thinks Elena is a great candidate for a Kiva Zip loan.
How long have you known this person?

1 year - 3 years

Tell us about your relationship with this borrower.

Elena was part of the Business Success class 2 years ago. She was very committed to the 13-week class, she actively partipated in all business class activities and graduated with a Certificate of Achievement in recognition for completing all the requirements of the class.
Elena has been in contact with the Business Center on a regular basis through our Business Consulting services, to update the business plan in order to obtain financing to fund her business.

Tell us about this borrower's personality and character, and why you are endorsing him or her for a Kiva Zip loan.

Elena is very committed and passionate about starting her own business. She is a great hair stylist and is always looking the latest trends. She is in the process of patenting a product that will help her clients.
Elena has worked very hard to secure a $ 4,000 loan from Accion and needs $ 4,000 to complete the money for the lease her and remodel it.

Tell us about this borrower's business, and why you believe a Kiva Zip loan will contribute to his or her success.

She has worked in the field for the last 5 years acquiring a reasonable portfolio of loyal clients that have followed her to different places of work and will continue to support her in her new business.
By opening her own styling salon, Elena will be creating 3 to 5 jobs, who in turn will bring their own clients thus, helping the local economy.
Elena is ready to take her business idea to the next level. I think she will very successful.

24 Total , 2 invited by Trustee
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PAYING BACK

A loan of $4,000 helps me to to buy hair color, products, stations, and a sign so that I can open my hair salon.

Disbursed Nov 27, 2012
Repayment Term:
12 monthly payments
Grace Period:
N/A
Listed:
Oct 20, 2012
Disbursed:
Nov 27, 2012
Paying Back:
Nov 28, 2012

About iCandy Hair Studio

Industry:
Beauty / Cosmetics
Years in Operation:
1 year - 3 years
Badges:
Badge_connectedness_gold_small

What are Borrower Badges?

Borrower Badges are a system designed to recognize and reward borrowers’ engagement with the Kiva Zip website.

There are two types of badges that are tiered like medals: Gold, Silver and Bronze.

  1. 'Repayment badges' are awarded for the on-time repayment of loans.
  2. 'Connectedness badges' are awarded for engagement with the Kiva Zip website.

This loan is endorsed by

Trustee Type:
Non-profit
Location:
Denver, CO
Badges:
Badge_repayment_bronze_small Badge_connectedness_silver_small
On Zip Since:
Sep 18, 2012
(19 months)
Loans Endorsed:
6
Total Value:
$29,000
Fundraising/Raised:
0
Paying on Time:
1
Paying Back Late:
3
Repaid in Full:
2
Defaulted:
0
Repayment Rate:
70%
Why are you endorsing Elena?

Elena is very committed and passionate about starting her own business. She is a great hair stylist and is always looking the latest trends. She is in the process of patenting a product that will help her clients.
Elena has worked very hard to secure a $ 4,000 loan from Accion and needs $ 4,...

What are Trustee Badges?

Trustee Badges are a system designed to recognize and reward trustees’ engagement with the Kiva Zip website.

There are two types of badges that are tiered like medals: Gold, Silver and Bronze.

  1. 'Repayment badges' are awarded for the on-time repayment of loans.
  2. 'Connectedness badges' are awarded for engagement with the Kiva Zip website.
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