Entrepreneurship runs in Claudia Salomon’s family. “This is what we love — and that’s why we do it. What we want is the business to grow. We have already opened a second store. But we want it to grow more,” she says.
To achieve the growth she desired, Claudia sought assistance from Accion partner, Mibanco. She learned about Mibanco from the advisors that frequently visited her neighborhood to talk with entrepreneurs about opportunities to work together. Mibanco specializes in providing financial services to traditionally underserved small business owners. According to the World Bank’s Global Findex data for 2017, 57 percent of adults in Peru still lack a bank account. Running a successful enterprise is challenging without credit and savings products, so Mibanco offers underserved entrepreneurs sensible products to grow their businesses.
This business support was just what Claudia needed. Her first loan with Mibanco kicked off a lasting relationship. “I remember the first time we worked with Mibanco, we asked for working capital — which was 500 sol all those years ago — and since then we have continued to ask for loans.” With the working capital, Claudia could buy more materials to produce furniture, expand into a larger working space, and in turn, help provide a better future for her family. “Mibanco not only helped my business grow but they also helped us to pay for my children to study,” she says, adding proudly that, “My daughter just finished at law school.”
Claudia and her family had a strong business before working with MiBanco. But, with the help of trusted advisors, she learned how to efficiently access capital to expand and run her business. “I am very thankful because Mibanco has allowed us to grow. And not only has it allowed the business to grow, but it has also trained us.”
With the right training and funding, she looks forward to a bright future for her business. “We would like to continue to have that — continue to let it grow,” she says.