storefront Venga Empanadas in San Francisco's Mission District, where he employs another eight people.
to 12 percent, well below the 30 percent credit card rates many entrepreneurs use to try to launch businesses. Despite a booming tech industry, the region faces growing inequality, stagnant job growth, soaring housing and transportation costs and widespread low wages. Small business owners who are largely immigrants point to their microloans, usually around $15,000, as a turning point for "making it. "Argentinian chef Manuel Godino had no credit but lots of demand for his empanadas, which he cooked in an Air Max Zero Black industrial kitchen and sold to cafes and restaurants. A microloan helped him launch his own Air Max Zero Grey
Riffe turned her $20,000 loan into a barbeque joint, Smoke Berkeley, where she employs seven others. Yale University economics professor Dale Karlan said domestic microlenders should strive for self sustenance, rather than depending on charitable dollars. "Overseas, they figured out how to make this work, and for profits stepped in," he said. .
Confectioner Cristina Arantes tapped Opportunity Fund to support her Kika's Treats, making chocolate shortbreads and caramels. Tina Ferguson Nike Air Max Zero Be True
Rates range from about 8 Air Max Zero Metallic
n in outstanding loans, according to the London based Centre for the Study of Financial Innovation. Just a small fraction of those about $165 million are in the United States, where about 400 institutions offer microloans. Those firms typically give about 45 loans a year, compared with a record 1,200 from Opportunity Fund last year. The program, which is nonprofit and sustained by donations, has extended to Los Angeles in recent years. And this summer, Opportunity Fund teamed with Pacific Coast Ventures to target loans to Santa Cruz and Monterey counties. Because microlenders work closely with recipients, providing financial education and business support, the microloans in the San Francisco Bay area have a delinquency rate of under 1 percent, compared with loss rates of about 5 percent for more typical loans.
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