How Pedro Rivera and Armando Pedro Santiago used micro-credit loans to build better lives.
Pedro Rivera launched his carpentry shop in his home's garage as a side business to his full-time carpentry job at another company. Rivera eventually began to entertain the idea of pursuing his own business full time, but he lacked the necessary transition capital. It was around that time Rivera discovered a Progreso Financiero kiosk at his local Hispanic supermarket in San Jose, California. He applied for a $1,000 loan and was approved.
Rivera used his loan to buy the necessary tools and materials to expand his carpentry business. Since then, through his hard work and determination, and much-needed credit and support from Progreso, Rivera's business has grown beyond his garage into a 2,500-square-foot shop space.
The additional shop space allowed Rivera to acquire and operate even more specialized machinery, which is necessary to meet his clients' diverse furniture requirements. Rivera now has a three-person team and $15,000 worth of equipment, plus inventory and vehicles. His clients include restaurants, bars, private customers and other small businesses.
Since becoming a Progreso Financiero client in 2006, Rivera, a proud father of three, is currently on his fifth loan. He says he feels blessed for the success he's achieved and Progreso's ongoing support.