Prospera Markets and Secures Capital for Small Business in North Carolina
One year ago, Prospera established an office and full-time staff in North Carolina. Since then, year-round assistance has been provided to current and aspiring Hispanic business owners in North Carolina to positively impact the state’s economic development. A critical step in Prospera’s establishment in a new state has been developing strategic partnerships to fulfill its mission.
One of those partnerships was formalized with a Memorandum of Understanding between Prospera and the Carolina Small Business Development Fund. The CSBDF is a North Carolina-based nonprofit and certified CDFI organization specialized in supporting and lending to small businesses in underserved areas. “These types of partnerships are a win-win not only for the partnering organizations, but also for the small business owner needing effective access to capital,” says Jose Alvarez, Assistant Vice President for Prospera North Carolina. “Prospera provides in-depth assistance and markets the loan for the small business owner, so the CSBDF receives a loan package that is ready for review by the underwriting team and can be processed faster.”
Prospera recently marketed and secured a $7,000 micro loan from the CSBDF for client Alexander Hakim, owner of A Barber’s Café & Bar. Alexander began working with Prospera in Fall 2016 to establish his business, seeking guidance about licenses and permits, marketing, website development and access to capital. The Cornelius-based barber shop and coffee bar concept opened for business in November 2017, and is thriving with three employees, over 300 satisfied clients and consistently increasing sales.
Prospera looks forward to continue strengthening its partnership with the CSBDF as it continues to support more local Hispanic business owners.