People Trust....nailed it...
My name is Elissie Railey. And I started my Nail business Because I wanted to help my nail students that were getting ready to graduate from nail tech school to be able to go into a fully functioning nail salon and be able to use their certificate that they have received. I have graduated approximately 40 nail tech students and 100% of them were not afforded the opportunity to be able to go into the nail salons and work. So I came up with the idea of opening a nail salon. My salon will be one of the first African American own nail salons in the state of Arkansas in which I can staff in between 8 to 10 nail techs. I also will be able to give internships and continuing education. Because I am a licensed instructor of nail technology. Before I started my small business, I decided to get my degree in business. The reason why I chose business is because I wanted to know more about the business world and I also wanted to open up my own businesses after spending time in the military. I knew with my discipline, time management, and the patience I have I will be a good business owner. After obtaining my business degree in May 2020 I decided if I’m going to go into business I need to do it the right way because I was then educated on the correct way to do business. I then started to seek loans from different state agencies even my bank in which I’ve been with them five years and I got declined. Before I started to seek loans from my bank I had fix my credit. I started to build my credit and still was denied. It’s really been a challenge to be able to obtain a loan because of the many factors that I didn’t understand. I was told about a CDFI named People Trust Loan Fund. I went to them for help and hopes of being able to fulfill my dream and finish my project of opening up one of the first women owned African American on nail shops in state of Arkansas to help new graduates to be able to use the certificate that they have completed, find employment and obtain a livable wage. People Trust gave me the technical assistance and business tools I needed but was unaware of. “Glad to have a financial institution in the community that understands the unmet credit needs of the community.
Facing Challenges, Overcoming Obstacles
We all face challenges big and small during our lifetime. It is how we respond and cope with our unpleasant experiences that shapes us and help us to rise above obstacles. The biggest challenge that I have faced wasn’t my diagnosis of Cancer or the fact that it spread from my prostate, colon and now my brain- it was coming home after my treatment to a dire situation. My utilities were suspended, and I require oxygen through a breathing chamber round the clock. My house was dark, food was spoiled posing a health scare and hazard to me as a patient. This threw me into a panic because not having my oxygen sustained at optimal output affects me greatly.
This was a pressing emergency, and something had to be done. I solicited assistance from churches, social service agencies, and all the places I could think of to restore my utilities. Unfortunately, I was not able to receive any financial assistance from any source I reached out to. I contacted People Trust who not only provided me with Financial reprieve to assist me in providing for my basic needs; they also made sure I had resources that I was unaware of as a Cancer patient.
I therefore conclude that People Trust is not just a Financial Institution but an Organization that is Compassionate, Giving and Cares about those they serve to make a difference and an Impact in the lives of members in the community.
Meet Vicki Woodard
Across Arkansas, there is a shortage of rental homes affordable and available to extremely low- income households (ELI), whose incomes are at or below the poverty guideline or 30% of their area median income (AMI). Many of these households are severely cost burdened, spending more than half of their income on housing. Women continue to face obstacles that prevent them from getting business loans, and reaching their full entrepreneurial potential. Vickie Woodard is the CEO of Melosong Properties, Inc. located in England, AR where the poverty rate is 27.2%. Melosong Properties emerged out of an unmet need for affordable housing throughout the state of Arkansas and its primary focus is on Re-development and rehabilitation of homes to provide affordable housing solutions for low- and- moderate income communities who have been forgotten about and lacked investments due to residential redlining and economic exclusion. After 10 years of bootstrapping her business Vickie needed a small business loan in efforts to grow and expand her operation. She went to bank after bank only to be denied access to capital due to the zip codes where most of her rehabs and redevelopments are located. After being given the run around by several commercial lenders Vickie turned to PEOPLE TRUST Loan Fund, a CDFI headquartered in Little Rock with a mission to provide financial products and services to low- and- moderate income communities who would not otherwise receive said opportunities. Vicki was able to secure a $35,000 microloan for her business to grow and expand. “People Trust came through when other lenders didn’t understand my vision. I came strait from the job site to sign the papers. Glad to have found a new partner for my business!”