Every entrepreneur wants the best advice for business success. The best advice comes from other entrepreneurs. Read some of the things our small business owners want you to know about growing your business.

Every entrepreneur wants the best advice for business success. The best advice comes from other entrepreneurs. Read some of the things our small business owners want you to know about growing your business.

 

“Do research. Do your homework.”

Sarah Garcia of Allegiance Employee Perks really believes in doing research and knowing as much as you can about what you’re going to do before you do it. Before she started her small business, she was a criminal justice dispatcher and a corporate event planner. She knew nothing about how to start a business and had very few resources available to her.

Through diligence and hard work, she was able to find a reputable lender to help kick start her business and run it so successfully that her company has been partnered with Major League Baseball (MLB) for over ten years!

“Never feel fear to ask.”

Adolfo Ortiz of Two Amigos Western Wear wants you to know that if you “want to be successful in a business never feel fear to ask companies like Opportunity Fund to help and grow together. Sometimes people think of, yeah but I’d have to pay in to own it … and I mean nobody’s gonna give you free money.”

As an immigrant, Ortiz is used to pulling himself up by his bootstraps, and he knows that growing your own business requires asking for help. Since he got a loan with Opportunity Fund, his cash flow has improved allowing him to build inventory and hire more help from his local community.

“Focus on getting yourself bankable.”

Corey Rennell of CORE Foods looks at business the same way he looks at healthy food – in order to solve the problem, you need to look at the bigger picture. For his health foods business, this means having values around sustainability and getting his Oakland community access to better food options. For running the business, this means getting access to affordable working capital.

Rennell attributes a lot of his success to affordable financing and believes that bank loans are the cheapest and best option. Being able to get a bank loan is hard. He thinks that going for a more expensive loan from Opportunity Fund was a necessary step, “but don’t just take the money, focus on getting yourself bankable, and using those microlender’s expertise and strength to be able to work with a professional bank.”

“Be patient with the borrowing that you do”

A never ending fountain of good advice, Corey Rennell urges other small business owners to be patient because “the more money you take is just more money to screw up. So be patient with the borrowing that you do, and make sure that when you do it, it’s gonna return fast enough that you can repay it. It’s easy to spend money, and it’s hard to pay it back.”

That means avoiding equity sales, merchant cash advances that lead to compounding debt cycles, and waiting until the right time to get the most affordable loan you can.

“If you have a good feeling about what you’re doing or pretending to do, definitely look into Opportunity Fund for advice and for a loan.”

Hector Sandoval of Bust a Nut hates feeling pressured, especially when it comes to getting a loan he isn’t comfortable being able to pay back. When he started his business roasting peanuts at swap meets, the economy was hit hard by the recession. It was difficult for him to get financing because everyone was suffering.

While small business were hit especially hard during the recession and were approved dramatically less for bank loans, Sandoval avoided falling into debt with expensive loans from predatory lenders and found success with Opportunity Fund.

 

For information about Opportunity Fund’s small business loans, please contact us at 866-299-8173 or loans@opportunityfund.org.  For questions about your existing loan or other customer service questions, please contact us at 866-299-8173 or sbhelp@opportunityfund.org.


Opportunity Fund is tackling economic inequality so that hard work and perseverance means a shot at getting ahead, not just struggling to get by. Our programs are supported by a community of donors and investors whose contributions help to fund small businesses, support college students, and build stronger families and vibrant neighborhoods. Since 1994, the team has deployed $600 million and helped 20,000 families earn, save and invest in their own futures. Opportunity Fund has earned a 4-star rating from Charity Navigator, America’s largest independent charity evaluator, for our commitment to accountability and transparency.

Visit us online at http://opportunityfundloan.org and follow us on Facebook and Twitter

Opportunity Fund. Working Capital for Working People. opportunityfund.org