Mrs. Anna Huff had been a bookkeeper, paralegal and tax specialist since 1994. In 2008, with the decline in the economy, she was laid off and lost her major source of income. A single mother and widow since 1997, she was responsible for raising her three daughters. Due to the high unemployment rate in Los Angeles, she was unable to find another job, and her bills and credit were negatively affected.
She decided to start her own business to generate income for her family. First, she returned to school and received an associates’ degree in Liberal Arts. During this time she also researched franchises and selected one that she liked, The Salad Farm. Second, she prepared a business plan. Her local Financial Development Corporation (FDC) and Small Business Development Center (SBDC) provided her with free technical assistance to prepare a business plan and revenue projections. Her next step was to obtain financing for the project. While Mrs. Huff had money from other sources, it was only 53 percent of the total project costs. Given her credit challenges, a business loan was going to be difficult if not impossible to obtain.
Mrs. Huff worked with the FDC to obtain a loan guarantee from the State of California’s Small Business Loan Guarantee Program. The loan guarantee provided additional security to convince a lender to fund her loan request. Mrs. Huff now has the capital she needs to open her business. She feels in control of her future and plans to hire her daughters and an additional six new employees once her business opens in June 2013.
Pacific Coast Regional (PCR) Financial Development Corporation (FDC)
Small Business Development Center (SBDC)
California Small Business Loan Guarantee Program