Trustee: Barrio Planners - Los Angeles Business Source Center
Los Angeles, CA
Why are you interested in becoming a Trustee?
Currently, we offer free consulting workshops to local entrepreneurs and businesses in the eastern region of the City of Los Angeles. At our office in Boyle Heights, our staff provides a variety of consulting such assisting clients with formulating business plans and strategies to start and/or grow their businesses. Through partnering with Kiva, we would like to provide lending opportunities to our entrepreneurs whom are unable to access traditional loans to achieve their financial goals.
What is the mission of your organization?
To create economic opportunities and assist in increasing financial stability to local communities.
What indicators/metrics do you use to evaluate and monitor your impact?
We measure our impact by monitoring job growth/retention, businesses created, business plans completed and access to capital.
How have you performed in the past, according to these indicators/metrics?
We have done well in the past and are looking to expand .Recently, we assisted a manufacturing company with the retention of 33 jobs in the area.
How will you determine whether or not the business plans of the Borrower(s) you endorse are sound?
Primarily, we will examine the prospective borrower's financials such as credit, debt, cash flows and any potential cash injections. We will assist and evaluate business plans before recommending a client.
How will you know whether the Borrower(s) you endorse will have the character to repay a loan?
We will base our endorsement on client's diligence, business plan and business strategy. We will use debt and any credit issues as an avenue to help provide workshops and credit repair before endorsing client.
Please describe what type of business, financial, technical or other support you plan on providing to the Borrower(s) you endorse:
We plan on providing comprehensive technical services. We offer a suite of developmental services. They consist of 7-week Entrepreneurial Workshops, Access to Capital seminars, Quick Books Training and free consulting. Our consulting ranges on everything from zoning issues, marketing and financial feasibility studies.
How will you establish whether the Borrower(s) you endorse are in debt, or have a history of debt? How will what you find affect your endorsement of their loan application?
Our services review clients overall "global" debt. We plan or endorsing clients that have manageable debt based on their income or future projections and completed business plan. Clients that may have a history of debt will go through our financial training and access to capital to understand credit and debt more extensively.
Why can't the Borrower(s) you endorse access traditional loans?
Our borrowers comes from a diverse background based on varying incomes, educational levels and professional experience. Many lending institutions do not lend to start ups, nontraditional business entities and persons of low incomes. The communities that we work in, they are very "cash heavy" and lack merchant services. So, banks tend to shy away from lending to businesses that lack these merchant services or formally established credit history.
Please describe how you could help us to ensure that the loans you endorse on Kiva Zip have a significant and positive social impact:
We want to promote Kiva Zip to persons that are interested in offering amenities to assist the community, as well as them themselves. We believe in a holistic approach to business development and understand the inter-relatedness of the built environment and local commerce. The increase to the local economy has a magnitude of possibilities.
About Barrio Planners - Los Angeles Business Source Center
- Trustee Type:
- Economic Development
- Third Tier trustee
- On Zip Since:
- Aug 29, 2012
- Loans Endorsed:
- Total Value:
- Paying on Time:
- Not enough data
- Paying Back Late:
- Not enough data
- Repaid in Full:
- Repayment Rate: