Building Credit and a Business with Access Capital Plus
Client: H&M Janitorial
Client Location: Fresno, CA
CDFI: Access Plus Capital
CDFI Service Area: CA
Financing and technical assistance
Hakim Hampton of H&M Janitorial was looking for a fresh start for his business. He had a few contracts and needed capital to purchase new equipment, but first he had to get his credit in order.
By attending the first cohort of Access Capital Plus (formerly Fresno CDFI) Business Advisory Training Institute (BATI), he learned key information about budgeting, credit, and his finances. As part of the BATI, Hakim worked with Lead Business Development Officer, Joi Eubanks, to write the business plan he used to apply for a microloan.
With the training on his side and his finances in order, H&M Janitorial was approved for a credit builder loan for $5000 in late 2016. Hakim used those funds and the support from Access Capital Plus to gain new contracts and build his business. By early 2017, he acquired both the Small Business Enterprise (SBE) and Disadvantaged Business Enterprise (DBE) certifications, as well as several new annual contracts. This growth meant new expenses, specifically a need for a new commercial van.
Hakim’s regular check-ins, on-time loan payments, and the insights he had gained from his one-on-one technical assistance gave him the confidence to apply for additional capital to purchase the van and continue to grow his business.