Honestly, we’re frustrated!
We’re tired and hurt every time one of our team members has to deliver the bad news. Over the last month, Camino Financial has denied hundreds of owners seeking a loan. One, in particular, caught our attention. We received an email from Miguel (not his real name for confidentiality purposes), who was frustrated that we did not give him a loan.
He went further to describe we bated him with our Story and the HOPE of growing his business with a trusted capital partner. Miguel also went to describe that MOST Latino business owners do not meet our minimum revenue requirement of $100,000 per year.
And guess what? On this last part, Miguel was right.
Most Latino businesses average a little over $100,000 in sales per year, but I also know that most of the businesses that actually need capital, average lower than $100,000. We responded to Miguel’s email promising him that we will listen to his feedback.
Now it’s our turn to ACT on it.
Starting TODAY, Camino Financial will ACT and test launch a new Express Loan Product designed to NEVER leave Miguel behind.
Here is what we are going to do to help Miguel. In our last Community Letter, we announced how we had just raised $2 million dollars. Today we are going to allocate a large percentage of the $2 million into the hands of Miguel.
We’ve also lowered our annual sales requirement from $100,000 to $60,000, opening the doors to millions of new potential borrowers. In addition, we understand Miguel has limited resources to complete a 5 to 10-day application process. As a result, we are testing an Express Loan Program that provides NEXT DAY funding with no documents required for approval.
We have not turned our back on you, Miguel. We understand we must make BOLD decisions to move our community forward.
We are willing to put our own equity capital at risk to demonstrate to the world that you are worthy of growth. For we will never leave you behind.
Sean & Kenny Salas
Co-Founders of Camino Financial