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The third time is a charm.
But in the case of Dan Bishop, the first and second times were too.
He’s received three loans from MicroCredit-NH in as many years. From the first loan of $500 for a tradeshow fee to the latest of $5,000 for new equipment and modifications to his truck, his business, Nature’s Way Gutter Systems, has skyrocketed in clients and reputation.
“Three years ago, people blew me off, “said the 46-year-old, a former construction worker whose 18-year-old son, Dan, Jr., helps him install the covered, self-cleaning roof gutters. “Now, my business has taken on a life of its own. I’ve gotten so many calls in such a wide radius, that I’ve stopped advertising over such a wide range.”
“Dan is such a fine example of what $500 can do to leverage a business,” said Rob Riley, director of Micro-Credit-NH, a program started by the Loan Fund in 1996.
Dan was unable to borrow money through traditional channels because of a poor credit history which, he says, stemmed from a messy divorce. “I heard that with Microcredit, my credit would not matter.”
He joined a Dover-based Micro-Credit-NH borrowers’ group, named by them, the “Empowered Entrepreneurs,” which includes a potter, a pet care vendor, candle makers, a baker of dog snacks and a poet. The group, which provides support, shares Micro-Credit-NH tutorials and decides collectively on member requests for loans, was invaluable to Dan.
“The most important part for me has been the brainstorming and sharing what works and doesn’t work,” said the father of five children.
“Micro-Credit gave me a second chance to prove myself,” he said. “I’ve been pretty fortunate. The work has come my way.”
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Single mom Wendy Walter is an important statistic among business owners in New Hampshire.
She is one of an estimated 100,000 micropreneurs in the state, the fastest growing sector of the New Hampshire economy.
“I was in the midst of a divorce and had a two-year-old and four-year-old to support; so it was time to make a living at what I loved,” said the potter and owner of running the Portsmouth-based Voice of Clay. “I hocked my diamond wedding ring and bought a kiln and a wheel and I was in business.”
Microenterprises include the self-employed and businesses that employ fewer than six people. Most require far less than $35,000 to start. A substantial number lack the assets and long-term track records to borrow money from traditional lenders.
“For self-employed people and others, MicroCredit-NH can provide access to a microloan and opportunities to develop business skills,” said Rob Riley, director of the Loan Fund program. “It can also help them start developing traditional business credit.”
Walter was able to borrow $3,000 through the Loan Fund’s MicroCredit-NH program to buy glazing equipment and help launch her new product line, Dream Stars. Later, she accessed $5,000 for materials to meet new export orders to Ireland. Through her repayment of these loans, Wendy was able to build credit and recently accessed traditional bank financing for her business.
As requirement of the program, Walter joined a Seacoast microbusiness member group which, with the regional manager’s guidance, provides a place to share ideas, bring in experts and learn tasks like record-keeping, marketing and writing a business plan.
Most of the loans start at $500 with a cap of subsequent loans to $10,000. No credit checks or collateral are required but the member group decides to okay a loan. If a member is delinquent in paying off the loan, no member of the group may take out another loan until all loan payments are current.
Walter offers this advice to those starting out.
“Make sure it’s something you really love. Incorporate your values and be prepared to work hard.”
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Shirley Lampron is a sturdy outspoken six-footer who jokes frequently that he likes to “cause hate and discontent” wherever he goes.
A little over five feet, Lisa Halterman punches the verbal space with concise observations on the human condition.
“Hey Shirley Girly,” the 38-year-old brunette calls to her bald 66-year-old client over the parallel bars at a rehab hospital in Concord.
They are a match made in Heaven.
Or more accurately, a match made last fall by Quality Care Partners (QCP), a company started by the Loan Fund, that provides quality healthcare assistance to the elderly and people with disabilities in their homes or in skilled nursing facilities, and quality jobs for entry-level healthcare aides.
Lampron, a retired state auditor, moved into his daughter and son-in-law’s Loudon home in August 2001 when he needed more assistance to accomplish daily tasks.
“It’s a comfort knowing that two times a week, Lisa is taking care of him,” says daughter Sharon Drake. “She’s become family to him.”
Halterman was re-certified as a licensed nursing assistant through QCP’s training program in 2002. QCP’s flexibility lets her meet her daughter’s afternoon schoolbus while giving her regular contact with clients.
“At QCP, I see the same clients and get to know them as people,” she said.
The two have developed strong bonds.
“Mr. Lampron and I have goals and I can see the improvements,” says Halterman.
He has recently started to walk with a walker in the rehab center, which gives him hope that he may be able to walk without assistance. “That means I can stay independent for a little longer and won’t have to go into a nursing home or assisted living sooner than I have to.”
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Like many, 45-year-old Benoit Muyuka was skeptical when first hearing about the Individual Development Account program (IDA).
“When I was told that I would get $3 for every $1 that I saved in the IDA, I didn’t trust them,” said the father of six.
He took a chance anyway and with his wife, Jeannine Lisika, started two IDA accounts.
“My children didn’t enjoy the sacrifice but I said to them, ‘Just give me a year or two,’” he said.
Twelve months later, he purchased a four-bedroom clapboard home in a quiet neighborhood in Manchester, with a lilac tree in the front yard and a garage apartment in the back for rent.
Muyuka, a trained electrical engineer, gained political asylum in the United States in 1999 from the war-torn Democratic Republic of the Congo, followed two years later by his wife, Janine, and their five children. Since then, they’ve learned English, gotten jobs in Manchester and discovered the IDA program.
The program, started by the Loan Fund and its community partners in 2001, helps low-income families to save money to buy homes, capitalize small businesses or advance their education. For the $3 to $1 match, IDA savers must attend personal finance and money management workshops, and receive training specific to their savings goal.
“This is an absolutely great program,” said Linda Purdy of Manchester Neighborhood Housing Services, an IDA partner. “It allows people to reach for the stars. They’re building an asset and building their future.”
The family is happy with the result.
“If you are living in your own home, you feel free,” said Lisika, who just gave birth to their sixth child. “You have your independence.”
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Judy Duquette, 51, remembers tinkering in her father’s workshop as a kid.
“He told me and my twin sister to take apart an engine to stay busy and we did,” said the West Swanzey native.
Many years later, Duquette has made a career of working on machines, and is now at Bortech Corporation where she assembles the portable borewelders sold by the Keene company. What distinguishes her experience now from previous manufacturing jobs is she feels her voice counts at Bortech.
“You can say things directly here and be heard,” said the mother of two daughters.
Owner Leo White believes that employee involvement is critical to the success of a business.
“Valuing your employees—giving them a say in how the company is run and share of the profits—drives growth,” said the 42-year-old.
Bortech, with six employees, is the first company in the state to receive financing from Vested for Growth (VfG), one of the Loan Fund’s newest programs. Vested for Growth provides risk capital up to $500,000 to businesses in New Hampshire that invest in employees and long-term growth.
“Our hope is that entrepreneurs like Leo White and companies like Bortech will serve as models of success for other businesses, driving growth and widening the economic winners’ circle in the state,” said John Hamilton, director of VfG.
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