A letter from Camino Financial co-founders, Sean & Kenny Salas, to recap the company’s 2019 milestones, and a sneak peek on its BIG and BOLD goal in 2020.
Gracias! It takes a community to build a business, and we delivered another record-breaking year in 2019. Thousands of small businesses received Camino Financial loans nationwide in 2019, reflecting over $30 million in deployed capital and 350%+ year-over-year growth!
We couldn’t have achieved this rapid growth without the support of our small business members who fight every day to create wealth for themselves and their communities. Members like Celso Hernández, who used his loan to expand Playa Las Tunas Restaurant. The restaurant offers fantastic eclectic Latin cuisine, an area for young musical artists to thrive, and a haven for his local community from street crime.
Camino Financial is proud to be playing its small part in empowering thousands of small business owners like Celso. We’re still on a path to fund over 50,000 business owners in the U.S. See below a brief recap of other 2019 highlights.
Camino Financial raised $8 million in equity financing
In December 2019, we announced raising $8 million in equity capital. What does this mean for our members? We will invest the $8 million in building our data science and artificial intelligence capabilities to automate further our underwriting process and offer other value-add solutions to our members. It’s worth noting; we have a separate pool capital for lending (see next 2019 update).
Launched a debt fund designed for massive growth
Our capital partnership with Crédito Real has never been stronger. Together, we designed a new debt fund expected to be the largest of its kind focused on the Latino business market in the United States.
Enhanced our Member Portal for a quick and easy refinancing process
We launched a new version of our Member Portal, which enables members who have made at least 9 on-time payments to renew their loans with only a few inputs and data validations. Our goal is to make it easy for our members to (i) access more capital, (ii) obtain lower interest rates, and (iii) extend the repayment period of the loan. Check out our new Member Portal here.
Opened new office in Mexico City
At the beginning of 2019, Camino Financial had one full-time employee in Mexico. By the end of December 2019, we employed almost 40 associates in Mexico. The new Mexico office is designed to support our lending in the United States, as well as build new tech and data science capabilities over time.
Tripled the size of the Camino team to nearly 60 associates
We’re actively growing our team both in Los Angeles and Mexico City across technology, sales, credit, and operations. If you know anyone that would be interested in applying for a role at Camino Financial, please email us at [email protected] with the subject line: New Job Candidate.
2020 Sneak Peak
We have a big and bold goal to be the market leader in lending to Latino businesses nationwide. We believe it will require over $100 million in funding. And guess what? We’re ready!
Together, with the ongoing support of our members and associates, we will continue to build a platform designed to lead the charge in deploying capital into the Latino market. Also, we plan to partner with large corporations seeking to leverage our technology and credit expertise to offer loans to their Latino business clients.
We have a long camino ahead of us. There will be many bumps on the road. But the odds are much tougher for our members. If they can do it, we MUST do it. For our members, our families, and our community.
Sean & Kenny Salas