'Microloan' allows small biz to stay afloat
MARYSVILLE, Wash. - Casey Burr has worked tirelessly over the past four years to make the family plumbing business succeed.
”Without it, my kids wouldn't be eating,” he said.
But as business started to slow, the Burrs needed money to pay for parts and equipment to be able to take on the few jobs that were coming in.
The couple's livelihood was in jeopardy of going under.
”(It was) getting a little scary,” said his wife, Meegan. “The work wasn't coming in, but the bills were.”
But with the current credit freeze, an affordable loan was impossible. So they turned to the Washington Community Alliance for Self-Help or "CASH." The organization offers low-interest "microloans" from $1,000 to $50,000 to low-income entrepreneurs struggling to make ends meet.
”These days, I think of us as kind of the local stimulus package for the economy,” said Cheryl Sesnon, executive director of CASH.
The organization's lending and business training and support model is based primarily on the Grameen Bank in Bangladesh, which pioneered the practice of providing small loans and business support to the poor, according to CASH's Web site.
With the economy so bad in Washington state, CASH's focus is local. An increasing number of clients are laid off, unable to find work and with no other option than to go it on their own.
”So they're trying to figure out, ‘How am I going to get food on my table and keep the roof over my head?’ “ Sesnon said. “So they come to Washington CASH and say, ‘I'm ready to start my own business.’ ”
The microloan is making a big difference for the Burr’s business.
”They saw we fell on hard times, but we've proved to them we're a worthy person/company and they helped us out,” Burr said.
Washington CASH gets its money through grants, federal funding and donations. They've given out more than $700,000 since 1995.
LEARN MORE ABOUT WASHINGTON CASH
This story came to KATU via CNN
”Without it, my kids wouldn't be eating,” he said.
But as business started to slow, the Burrs needed money to pay for parts and equipment to be able to take on the few jobs that were coming in.
The couple's livelihood was in jeopardy of going under.
”(It was) getting a little scary,” said his wife, Meegan. “The work wasn't coming in, but the bills were.”
But with the current credit freeze, an affordable loan was impossible. So they turned to the Washington Community Alliance for Self-Help or "CASH." The organization offers low-interest "microloans" from $1,000 to $50,000 to low-income entrepreneurs struggling to make ends meet.
”These days, I think of us as kind of the local stimulus package for the economy,” said Cheryl Sesnon, executive director of CASH.
The organization's lending and business training and support model is based primarily on the Grameen Bank in Bangladesh, which pioneered the practice of providing small loans and business support to the poor, according to CASH's Web site.
With the economy so bad in Washington state, CASH's focus is local. An increasing number of clients are laid off, unable to find work and with no other option than to go it on their own.
”So they're trying to figure out, ‘How am I going to get food on my table and keep the roof over my head?’ “ Sesnon said. “So they come to Washington CASH and say, ‘I'm ready to start my own business.’ ”
The microloan is making a big difference for the Burr’s business.
”They saw we fell on hard times, but we've proved to them we're a worthy person/company and they helped us out,” Burr said.
Washington CASH gets its money through grants, federal funding and donations. They've given out more than $700,000 since 1995.
LEARN MORE ABOUT WASHINGTON CASH
This story came to KATU via CNN
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