Meet Santos
After years of working at a salon and building her client base, Santos was ready for the next step. When the salon owner decided to move, Santos was presented with the opportunity to take over the storefront. Santos knew it was the chance to build a business of her own, but her biggest challenge was finding the capital needed to purchase the salon.
“Banks told me I didn’t have strong enough credit to get a loan, but Grameen America was an accessible way to get loan capital,” said Santos. “With Grameen America, I’m building my credit and opened a credit card for the first time. Next, I plan to save for an emergency fund. I’m grateful for the entrepreneurs in my group—I receive new clients from them, and I send my clients to different businesses owned by Grameen America entrepreneurs.”
After joining Grameen America in 2017, Santos used the loan capital to grow and enhance her business. In the first year, she invested in retail products to sell in the salon while continuing to work toward owning the space. With Grameen America’s support, finally achieved her goal to purchase the salon four years ago. Most recently, Santos used the capital to buy new salon chairs and complete a full renovation. To date, Santos has received $124,000 in loan capital from Grameen America to invest in her business.
“I like working for myself, managing my own schedule, and choosing the products I want,” said Santos. “When I had a boss, I couldn’t sell the products I wanted to and now I can make more sales. Many people in my community have asked me to teach them. I like to help aspiring entrepreneurs get their licenses and I’d like to open a cosmetology school in the future.”
Santos is creating opportunities for the next generation of entrepreneurs through mentorship and job openings, including her own daughters. In addition to three employees who offer different services in her salon, one of Santos’ daughters rents one of her salon booths to do hair and makeup. Her other daughter, Jaquiline, runs a nail salon business next door to Santos’ business and belongs to Grameen America.