Diane R
« on: June 23, 2009, 04:35:34 PM »
I'd mentioned after the USA loans became available a couple weeks ago that I was hoping to patronize
Mandy's Korner hot dog stand in San Jose after becoming a lender to her business, and promised to report back on how it went. Yesterday was the day! After reading good reviews of her food
in yelp (4 stars!), I was able to get there for a late lunch.
The truck looked in person just as it did in her loan photo. (Click on any photo for a larger version.)
Two of her teenagers were working inside the red truck, which is parked on an otherwise vacant lot with four small tables under an open tarp to shield from the sun. (Other parts of the world, the tarp might have been to shield from rain, but... not here.
) There was a loud generator working nearby, with a cord running into the truck to provide power. The menu featured GRILLLED (not boiled) beef or traditional hot dogs, along with multiple toppings, various sausages, tri-tip, sodas, and grilled potato wedges which her son said was their specialty. He was so happy to hear that a lender to their business was patronizing them, and said that "Big Mandy" would be coming by soon.
I selected the Bacon Cheddar Beef Hot Dog, and a side of Grilled Potatoes. Sandwiches are made fresh, so I sat down under the tarp to wait about 10 minutes, admiring the banner (above), and finally my number was called and I picked up my order.
I am not going to lie to you: this was pretty much the best hot dog I've had in years, maybe ever. It was of generous size, grilled fresh, the bun was fresh and toasted perfectly, the bacon and the cheese were freshly cooked just right, and the potato wedges were SUPER. I am not usually a big hot dog fan, but I would go back here again without a second thought.
THEN, about halfway through the meal, Mandy herself showed up and came straight over to the table, offering copious thanks, big hugs, and a smile that would have lit up a square block. She is so enthusiastic and knows her business, and speaks very well of her situation, her family, and how she wants to help others lift themselves the same way she has. She said that she had been asked to come meet Maria Shriver this week, to talk about her business, the Opportunity Fund, and how other women in her situation might be best helped to success. She was very excited about the meeting, and very very happy that a lender to her business had come to support it in person. This was the first time someone had visited her business who was a Kiva lender to her business (at least the first time anyone told her about it, anyway!)
In short, it was really good food and Mandy was a really good spokesperson for Opportunity Fund and the options it has made available for her. I was very happy to have visited her business, and will definitely return (and will tell all my friends about it -- and take my department to lunch there next month!).
--Diane.
waywardcats
Kiva Supporter
SF Bay Area
Gender:
Posts: 1950
Xania, Crete
« Reply To This #1 on: June 23, 2009, 05:02:44 PM »
Diane,
This is seriously cool!!! Great photos!!
I kept looking for the "like" option, I guess I am getting too used to Facebook now.
When you say the hot dog was of "generous size" I think you might be understating just a bit? It looks ginormous (and yummy) to me!
-Kerry-
"Our daughters can contribute just as much to society as our sons, and our common prosperity will be advanced by allowing all humanity - men and women - to reach their full potential. I do not believe that women must make the same choices as men in order to be equal, and I respect those women who choose to live their lives in traditional roles. But it should be their choice. That is why the United States will partner with any Muslim-majority country to support expanded literacy for girls, and to help young women pursue employment through micro-financing that helps people live their dreams." - President Barack Obama, June 4, 2009
reb-mar
« Reply To This #2 on: June 23, 2009, 06:09:10 PM »
Thank you for sharing your experience with us. What a great learning experience her kids will gain from working by her side!
The next time you see her, tell her that a KF would like her to open a location in Wisconsin!
Rebecca
The difference between what we do and what we are capable of doing would suffice to solve most of the world's problems.
Dolphine
« Reply To This #3 on: June 23, 2009, 07:19:16 PM »
Thanks for sharing Diane...it is nice to hear her story.
Those pictures made me hungry!
gill
« Reply To This #4 on: June 23, 2009, 08:37:12 PM »
That hot dog looks like heaven! If I ever find myself on the other end of the country, I know where I'm going for lunch.
Canadian Here
« Reply To This #5 on: June 24, 2009, 01:29:58 AM »
Diane:
« Last Edit: June 24, 2009, 01:32:15 AM by Canadian Here »
Kathy
« Reply To This #6 on: June 24, 2009, 01:32:18 AM »
Mmmmm...bacon....
"Few things are needful to make the wise man happy, but nothing satisfies the fool---and this is the reason why so many of mankind are miserable." - La Rochefoucauld
mejane
Kiva Supporter
Appleton, Wisconsin
Gender:
Posts: 1183
newspaper/magazine basket
« Reply To This #7 on: June 24, 2009, 05:40:40 AM »
Diane,
What a great experience! And what a nice picture with Mandy!
(.....Wishing we had a "Mandy's" here!!!)
Jane
I have learned silence from the talkative, toleration from the intolerant, and kindness from the unkind... Kahlil Gibran
Canadian Here
« Reply To This #8 on: June 24, 2009, 06:46:57 PM »
Diane:
« Last Edit: June 24, 2009, 06:47:30 PM by Canadian Here »
Kathy
« Reply To This #9 on: June 26, 2009, 05:11:04 PM »
Diane:
Uhm...isn't that a bit personal? I don't go around and tell my friends about the details of my personal loans, credit cards or lines of credit. Grant it, I do view my mortage differently and that I don't mind telling someone my interest rate. Still I think that type of information is private. Isn't it?
"Few things are needful to make the wise man happy, but nothing satisfies the fool---and this is the reason why so many of mankind are miserable." - La Rochefoucauld
DoubleR
« Reply To This #10 on: June 27, 2009, 03:48:08 AM »
Diane:
I have to agree with Kathy. Asking Amanda the rate
she's paying sounds like an invasion of privacy.
If you want to get an idea of the interest rate being charged in general to Opportunity Fund's clients, the information is readily available on their website:
http://www.opportunityfund.org/small-business-loans/loans-and-services Opportunity's interest rates range from 8% to (Prime Rate + 5%). Bankrate.com has the Prime Rate at 3.25% at the moment, so the rates currently range from 8 - 8.25%. Just to give you an idea how good the spread is right now, Bankrate notes the prime rate at this time last year was 5% (meaning last year, rates would have been 8 - 10%). Additional loan fees are 3% or less. The exact rate each client is charged varies based on the loan amount, loan term, and the borrower's past credit history.
The interest rate information for ACCION USA clients is here:
http://www.accionusa.org/home/small-business-loans/about-our-loans/small-business-loans.aspx ACCION's rates range from 8-15%, plus an additional 3-5% for loan fees (application, servicing, and closing costs). Borrowers who choose to have their loan posted on Kiva have their closing costs waived.
Regards,
Ronan
Dagfinn
« Reply To This #11 on: June 27, 2009, 04:15:47 AM »
this is the very first time I see evidence that the entrepenour get a direct financial gain from Kiva lenders - EXCELLENT
Kiva entrepenours in USA by ACCION get a savings thanks to our interestfree capital
-- Dagfinn A
Canadian Here
« Reply To This #12 on: June 28, 2009, 11:10:14 AM »
Kathy: Kiva lenders are often concerned about the rates MFI's charge their borrowers, while they also get a "free ride" from us. I don't expect that Diane would ask where there is a crowd around or yell the question out at the top of her voice. I think she has far better judgment than that.
Canadian Here
« Reply To This #13 on: June 28, 2009, 11:14:40 AM »
I have to agree with Kathy. Asking Amanda the rate
she's paying sounds like an invasion of privacy.
If you want to get an idea of the interest rate being charged in general to Opportunity Fund's clients, the information is readily available on their website:
http://www.opportunityfund.org/small-business-loans/loans-and-services Opportunity's interest rates range from 8% to (Prime Rate + 5%). Bankrate.com has the Prime Rate at 3.25% at the moment, so the rates currently range from 8 - 8.25%. Just to give you an idea how good the spread is right now, Bankrate notes the prime rate at this time last year was 5% (meaning last year, rates would have been 8 - 10%). Additional loan fees are 3% or less. The exact rate each client is charged varies based on the loan amount, loan term, and the borrower's past credit history.
The interest rate information for ACCION USA clients is here:
http://www.accionusa.org/home/small-business-loans/about-our-loans/small-business-loans.aspx ACCION's rates range from 8-15%, plus an additional 3-5% for loan fees (application, servicing, and closing costs). Borrowers who choose to have their loan posted on Kiva have their closing costs waived.
Regards,
Ronan
These rates, to my mind, are outrageously high for a personal loan although when used for a business purpose the interest paid would be tax deductable. I suspected that our US borrowers might be paying higher than the usual bank rates, which is the reason I was curious.
Lorna (& "The Critters")
Jan & John
« Reply To This #14 on: June 28, 2009, 02:44:14 PM »
<snip>
I selected the Bacon Cheddar Beef Hot Dog, and a side of Grilled Potatoes. Sandwiches are made fresh, so I sat down under the tarp to wait about 10 minutes, admiring the banner (above), and finally my number was called and I picked up my order.
I am not going to lie to you: this was pretty much the best hot dog I've had in years, maybe ever. It was of generous size, grilled fresh, the bun was fresh and toasted perfectly, the bacon and the cheese were freshly cooked just right, and the potato wedges were SUPER. I am not usually a big hot dog fan, but I would go back here again without a second thought.
THEN, about halfway through the meal, Mandy herself showed up and came straight over to the table, offering copious thanks, big hugs, and a smile that would have lit up a square block. She is so enthusiastic and knows her business, and speaks very well of her situation, her family, and how she wants to help others lift themselves the same way she has. She said that she had been asked to come meet Maria Shriver this week, to talk about her business, the Opportunity Fund, and how other women in her situation might be best helped to success. She was very excited about the meeting, and very very happy that a lender to her business had come to support it in person. This was the first time someone had visited her business who was a Kiva lender to her business (at least the first time anyone told her about it, anyway!)
<snip>
In short, it was really good food and Mandy was a really good spokesperson for Opportunity Fund and the options it has made available for her. I was very happy to have visited her business, and will definitely return (and will tell all my friends about it -- and take my department to lunch there next month!).
--Diane.
Of course I zeroed in on the
food and it's great, Diane that you were able to get to know Mandy.
Who knows, she just might turn around and become a Kiva lender because you are such a terrific example
thanks - jan - who just *knows* the dogs here don't compare.
"The place God calls you to is the place where your deepest gladness and the world's deepest hunger meet" - Fredrick Buechner (in Wishful Thinking).
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DoubleR
« Reply To This #15 on: June 28, 2009, 03:47:06 PM »
These rates, to my mind, are outrageously high for a personal loan although when used for a business purpose the interest paid would be tax deductable. I suspected that our US borrowers might be paying higher than the usual bank rates, which is the reason I was curious.
First of all, there must be a distinction made between personal loans and small business loans. Personal loans are designated for
consumption , not business purposes as defined here:
http://www.answers.com/topic/personal-loan-1 However, since you mentioned personal loans - I did a search on Bankrate.com for
personal loan rates available in Mandy's area (San Jose, CA). The results pulled up three banks in her area:
Comerica Bank - 17.74%
Union Bank of California - 18.0%
Wells Fargo Bank - 20.5%
These are
considerably better than the 8-8.25% currently available through Opportunity Fund. Bankrate.com unfortunately does not have a search for business loan rates, so I'm not able to make a true apples-to-apples comparison.
Wells Fargo did have some information on SBA loan rates (government-subsidized business loans available through commercial banks) posted on their site:
https://www.wellsfargo.com/biz/loans_lines/sba/ The rates appear to be better than the MFIs, but two of the SBA loan programs had minimum loan requirements of $100,000/$150,000, so US Kiva clients with loans of $10,000 or less would not qualify in those instances. The other two SBA programs do not specify whether a minimum loan amount exists. Perhaps someone who has had experience with an SBA loan could chime in. Also, SBA loans can have terms of 7-10 years, while the max term for a US Kiva loan is 3 years (but most so far have been 2 years or less).
Opportunity Fund has also partnered with local organizations to provide clients access to business training, including:
E-Center: Business training courses in San Jose
Renaissance Center: Training for business development in San Francisco
C.E.O Women: Business training and ESL courses in Oakland for immigrant and refugee women
Women's Initiative for Self Employment: Business training for women in San Jose, Oakland & SF
Anew America: Business training for immigrants in San Jose, Oakland and Berkeley
SCORE: Business counseling, mentoring, and training from retired executives
SBDC: SBA management assistance to current and prospective small business owners
(Source:
http://www.opportunityfund.org/small-business-loans/business-resources )
How many commercial banks provide this type of assistance?
Also, organizations such such as ACCION and Opportunity Fund are meeting a real need right now. Just six months ago, the Wall Street Journal reported on the number of women and minority-owned businesses having trouble accessing SBA loans.
http://online.wsj.com/article/SB122878699514590343.html The availability of new SBA loans is now on the rise, as indicated in this recent WSJ article:
http://blogs.wsj.com/independentstreet/2009/05/14/sba-loan-programs-getting-back-on-track-mills-says/ However, since many commercial banks have not made an SBA-backed loan since October, it will be interesting to see how fast they start issuing these types of loans and whether US MFIs will continue to see increased demand for their services.
Regards,
Ronan
Canadian Here
« Reply To This #16 on: June 28, 2009, 09:55:14 PM »
Rowan:
Kathy
« Reply To This #17 on: June 29, 2009, 02:30:12 PM »
Kathy: Kiva lenders are often concerned about the rates MFI's charge their borrowers, while they also get a "free ride" from us. I don't expect that Diane would ask where there is a crowd around or yell the question out at the top of her voice. I think she has far better judgment than that.
Lorna, maybe it's just me, I find asking someone for their 'personal' information, just that - personal. If I had a loan from a MFI and someone asked me that question I'd say something like, "The rates in this area range from 10-25%" or something like that. Followed with, "I got a good rate. If you'd like to know more about the MFI you can call them at {# here} or check out their website". I'd be pleasant and polite without telling the individual my exact information as it's none of their business. I don't see how what my VISA rate or my MC rate or my PLC rate or if I had an MFI rate has anything to do with anyone except the person I'm dealing with at the financial institute. Perhaps that harsh, I don't see how my business, personal or professional, is anyone else's business.
I also don't see anyone getting a free ride from me. The MFI's have risks, too and in 3rd world countries are dealing with things that most of us wouldn't want to know anything about.
Kathy
« Last Edit: June 29, 2009, 02:32:13 PM by Kathy »
"Few things are needful to make the wise man happy, but nothing satisfies the fool---and this is the reason why so many of mankind are miserable." - La Rochefoucauld
Jane Sladen
« Reply To This #18 on: June 29, 2009, 03:30:37 PM »
I agree - I have never thought of my loans as being a "free ride". If we want to find out about interest rates, we should do it in some more tactful way. If I was in debt, and someone asked me how much interest I paid, I would feel as though they were treating me as an inferior by alluding to the loan (eventhough we both know that it exists). I would feel humiliated.... kinda like, "So, what's it like being in debt? Having any trouble paying it back?".
Jane Sladen.
Canadian Here
« Reply To This #19 on: June 30, 2009, 11:13:31 AM »
JaneS: NOT the same as asking someone if they are having trouble making their loan repayments. I agree that such this question would be highly improper. I continue to hold the view that MFI's get a great deal from KIVA. No one has said anything to persuade me otherwise. Interest free loans which can be relent are a great deal, even in the third world where interest rates are typically much higher than in our home countries, as we have seen.
« Last Edit: June 30, 2009, 01:01:33 PM by Canadian Here »
Jane Sladen
« Reply To This #20 on: June 30, 2009, 12:01:36 PM »
OK Lorna (and Critters)! Thanks!
I guess the ultimate decision rests with Diane!
Happy Canada Day! Jane Sladen.
wthepoo
« Reply To This #21 on: July 01, 2009, 03:47:33 PM »
Here's a youtube-"video" (made of commented photo-stills) documenting a lender's trip to vist ASKI entrepreneurs and ASKI staff.
Best wishes,
Wolfgang.
Alaska Pack
« Reply To This #22 on: July 01, 2009, 04:30:20 PM »
Thank you for sharing Diane! Looks yummy! Tell Mandy the next time you go there that the lenders in Alaska will patronize her when we make it to San Francisco. Let see, Mandy's, Just Awesome game store, the PAWS Sanctuary, Monterey Bay Aquarium, the list goes on and that doesn't even include friends.
Diane R
« Reply To This #23 on: July 28, 2010, 06:57:52 PM »
Diane:
While I have not ever asked Mandy directly when I visited,
today's NY Times article indicates that her interest rate is 6.5%.
--Diane.
