Casa de Espanol, a Spanish language school in Sacramento and recipient of a Community Advantage loan from CDC Small Business Finance, has won the 2016 Woman-owned Business of the Year award for the Small Business Administration Sacramento District.
Mexican native Maria Harrington opened Casa de Espanol in downtown Sacramento in 2011 and with steady growth soon outgrew her original space. She found a new 4,000-square-foot location, which would double the school’s space, but needed cash to renovate the facility. She turned to CDC Small Business Finance which helped her secure an SBA Community Advantage loan.
With the expansion, Casa De Espanol expects to increase its existing student base from 304 adult students to 540. Harrington anticipates hiring an additional four staff persons this year.
Owner Maria Harrington will formally receive her SBA award May 6 during a National Small Business Week celebration.
According to the State of Women-Owned Businesses Report produced by American Express, women-owned firms now make up 30 percent of all businesses in the U.S.
The number of women-owned firms is now estimated to have surpassed 9.4 million enterprises, generating revenue estimated at nearly $1.5 trillion – an increase of 79 percent since 1997. Women-owned companies now employ over 7.9 million workers (excluding owners), providing one in seven jobs among privately-owned businesses.
CDC Small Business Finance reports in its 2016 Women Mean Business infographic that it has provided women entrepreneurs over $1.5 billion in financing, leading to the creation/retention of more than 32,000 jobs. Recently, the following women-owned businesses benefitted from an injection of new capital from CDC: Casa de Espanol and Sugarbird Sweets & Teas.
Women business owners can quickly find out if they qualify for a low-interest-rate loan by visiting CDC’s prequalification tool. Some cities are considered particularly supportive of women-owned businesses. According to WalletHub’s 2016 Best Cities for Women-Owned Businesses, the Stockton-Lodi area ranked #1 for percentage growth of women-owned businesses. Fresno tied with Bakersfield for #1 in highest average revenue of women-owned businesses and ranked fourth for percentage of employees in women-owned enterprises.
San Diegans interested in microfinance can learn from experts in the field as well as entrepreneurs taking advantage of this unique form of financing at Microfinance in the Round April 19 at the Rough Draft Brewing Company.
The 4 – 7 p.m. roundtable, hosted by the San Diego Microfinance Alliance, will provide attendees with an opportunity to hear about emerging trends in the industry, programmatic approaches to lending decisions, and strategies to secure a job at microfinance institutions.
CDC Small Business Finance is a founding organizer of the Alliance. Susan Lamping, CDC Vice President of Community Lending, will be one of the speakers at the rountable.
Roundtable tickets purchased before March 29 are $18 and $25 after March 29. Student tickets are $10 and $15, respectively. To register, visit Microfinance Events.