How handbags, Tory Burch, and a microloan helped one female entrepreneur

Ever since Amy can remember, she has had a knack for crafts and gift making, often opting to make homemade gifts for her friends on birthdays and holidays. “It was not until Amy’s best childhood friend passed away from breast cancer that she decided to turn her hobby of making handbags into an enterprise.  “It was a very important wake up call for me. I had a moment of clarity where I realized it was time to start living the life I had always wanted. You only get one chance,” said Amy.

accionIMG_5089

Amy at the Tory Burch and Friends Mentoring Event

Two years ago, Amy was experiencing a high demand for her handbags for the NYC Fall Gift Show. She had the raw materials for her handbags but did not have the working capital to pay factory expenses, as her business operation had been entirely funded from personal finances up to this point.”I was cutting it real close,” Amy remembers.

She approached two different banks but could not secure financing on account of her “shoebox of receipts” and her lacking business history/balance sheet. Luckily, Amy stumbled upon an article about the Tory Burch Foundation’s partnership with Accion, about their mutual mission of empowering women entrepreneurs with access to capital and business mentoring programs.

Accion is a nonprofit microlending organization that provides small business owners with financial education and loans ranging from $500 to $50,000. Accion has helped many women entrepreneurs nationwide grow their business and improve their credit history.

Amy received a loan from Accion which allowed her to expand her business by paying factory production fees and allowing for a buffer for a tradeshow in Atlanta where she was able to tap into a new market. “My business would not be possible without Accion,” said Amy. “All of these fantastic things happened because of the loan secured by Accion. They helped to turn a constant stream of NO’s into a YES,” recalls Amy, with a smile.

accionIMG_5160

Tory Burch listens to a question from a fellow entrepreneur.

Note: Women loan recipients are eligible for mentoring workshops and promotional opportunities with the Tory Burch Foundation.  Accion also offers funding for entrepreneurs through a partnership with Kiva and an online marketplace where clients can showcase and sell their products. To get more information about Accion or to apply for a loan, contact Elizabeth Bueno at [email protected] or apply online.

22 COMMENTS

  1. 423827 9609bless you with regard to the particular blog post ive actually been looking with regard to this kind of advice on the net for sum time these days hence with thanks 727612

  2. This is very interesting, You’re a very skilled blogger. I have joined your rss feed and look forward to seeking more of your magnificent post. Also, I have shared your website in my social networks!

  3. I have study much concerning free blogging blogs, except I have no clear idea concerning that, can any one let know me which one is most excellent in favor of free blogging?

  4. Thanks for giving your ideas in this article. The other matter is that when a problem develops with a computer motherboard, people should not have some risk with repairing it themselves because if it is not done correctly it can lead to permanent damage to the full laptop. In most cases, it is safe to approach the dealer of a laptop for the repair of that motherboard. They’ve got technicians who may have an competence in dealing with mobile computer motherboard complications and can have the right analysis and perform repairs.

  5. Awsome article and right to the point. I am not sure if this is in fact the best place to ask but do you folks have any ideea where to employ some professional writers? Thanks in advance :)

  6. 714437 85721The digital cigarette makes use of a battery and a small heating element the vaporize the e-liquid. This vapor can then be inhaled and exhaled 595474

  7. 836525 177736This web-site is truly a walk-through rather than the info you desired concerning this and didnt know who to inquire about. Glimpse here, and you will absolutely discover it. 756759

  8. 449550 926999Keep up the amazing piece of work, I read couple of posts on this internet website and I think that your weblog is truly intriguing and holds bands of amazing information. 558039

  9. I have noticed that car insurance corporations know the vehicles which are vulnerable to accidents and various risks. Additionally, these people know what style of cars are inclined to higher risk along with the higher risk they’ve already the higher the actual premium rate. Understanding the easy basics involving car insurance can help you choose the right kind of insurance policy which will take care of your wants in case you happen to be involved in any accident. Thank you for sharing your ideas on your blog.

  10. 446780 80899fantastic post, very informative. I wonder why the other experts of this sector do not notice this. You ought to continue your writing. Im confident, youve a great readers base already! 192640

LEAVE A REPLY

Please enter your comment!
Please enter your name here