NCFC works with a variety of individuals and families to make entrepreneurship not only possible, but also a success. By providing loans, support and financial counseling, they are serving the needs of America’s newest “generation.” The following story highlights one of the many families that NCFC has striven to help succeed.
In 1990, Ben and Ida Fadallar immigrated to the United States from the Philippines with their grandparents, parents, and three children. The whole family lived together in a small apartment in the Tenderloin neighborhood in San Francisco. Ben worked as a security guard, while Ida secured a position at a nearby pawnshop. In 1995, the Fadallars received good news: they had been chosen as one of twenty-four families who were being admitted into a new low-income affordable housing project.
The new housing project’s neighborhood contained few commercial businesses. A condition of project approval was the establishment of a neighborhood mini mart. While $3.5 million in public and private funding was obtained, none of the monies could be used for this entrepreneurship. The Northeast Community Federal Credit Union stepped in and provided the $70,000 gap financing. Mr. and Ms. Fadallar approached the developer, with a loan request to run the store. The developer assisted them in designing a business plan and enabled them to establish a financial relationship with NCFC.
Two years later, the Tenderloin Mini Mart is doing well. Ben and Ida have learned, tremendously, about running the business and are providing an invaluable community service. Without the financial support and services of The Northeast Community Federal Credit Union, the housing project would not be nearly as successful. In fact, it might not have even come to fruition, given the mini mart requirement. Now, the neighborhood is thriving, and the Fadallar’s have developed an entrepreneurial source of family income.