Home • Microfinance • Article
LA Entrepreneurs Carry on a Gumball Tradition
March 5, 2014
Ezequiel Olvera was just 11 years old when he first met Alfredo, a cobbler and small-business owner in Los Angeles. Even at that young age, Ezequiel already had the entrepreneurial bug and approached Alfredo to ask if he could put a gumball machine in Alfredo’s shoe repair shop. Alfredo agreed, as long as Ezequiel maintained good grades. Ezequiel held up his end of the bargain and he continued to place gumball and refreshment machines around the city, saving the profits towards his college fund.
Years later, Ezequiel’s entrepreneurial start led him to form the Gumball Foundation, a program that engages middle and high school students to run their own small-scale businesses as an educational tool. Ezequiel is also returning the support to Alfredo, by acting as a trustee and endorsing him for a Kiva Zip loan, along with other hardworking entrepreneurs in the LA area, like Omar, a custom cabinet maker.
Getting access to capital is difficult for many entrepreneurs in the United States. But with Kiva Zip and our lenders throughout the world, access to 0% interest capital is now a possibility for borrowers like Alfredo and Omar, using a trust-based approach that relies on trustees to vouch for the character of the borrower.
Trustees are organizations or individuals, like Ezequiel at the Gumball Foundation, who have standing relationships with the borrowers and can speak positively about the borrower’s integrity and the soundness of the business.
Omar launched his new cabinetry business with the guidance of his farther, a carpenter with more than 25 years of experience. He quickly grew the company from two employees to ten personally-trained craftsmen! He needs a $5,000 loan to buy new machinery, purchase advertising, and increase wages to his team.
Ezequiel Olvera with his original gumball vending machine
LA Roots, Global Support
Alfredo and Omar's loans already have supporters from Los Angeles, across the United States, and from countries around the world, like Spain, Germany, Canada, Australia and Taiwan! These are all lenders who have read about Alfredo and Omar, believed in them and their businesses, and decided to support them through a loan. This really demonstrates the true beauty of global connectedness and the power of the Zip platform.
Alfredo and Omar's lenders around the world
One of the most unique aspects of the Kiva Zip platform is the ability for direct engagement. On Alfredo’s page, you’ll see a lively discussion about the art of crafting and repairing quality shoes, recommendations to replace a declining brand, and many words of encouragement. Alfredo even welcomes everyone to stop by his shop or send in his or her shoes for repair!
Conversation Tab from Alfredo's Kiva Zip Page
And last but absolutely not least, let's talk about PASSION. Kiva Zip actively focuses on financially excluded entrepreneurs and socially impactful businesses and a positive side effect of this is the truly passionate individuals it attracts.
Kiva, Kiva Zip, and these entrepreneurs throughout the world and in the United States have inspired me. During my first Kiva Fellowship in Kenya, I witnessed how access to capital and micro-capitalism can move people from subsistence to profitability, impacting equality, health, and education in profound ways. The experience was amazing, humbling, and life-changing. The fellowship was so amazing that I decided to extend it, which is how I ended up in Los Angeles.
Already I’m seeing the impact that an innovative model like Kiva Zip can drive. Something both progressive and touching happens with the right combination of technological innovation, integrity, and transparency.
I'm happy to be able to share more stories with you as I continue my Fellowship in LA!
Interested in supporting Alfredo or Omar? Lend (as low as $5) today! They need to fundraise to 100% to get their much-needed 0% interest capital.
Remember, this is a loan, not a donation. Once you get your funds back, you are free to withdraw or re-invest in another great entrepreneur! If you're new to the Kiva Zip site, your loan will also be matched. That means, if you lend $50, it will be matched and contributed as $100!
