2018 was another pivotal year for Camino Financial. A year where we solidified our relationship with our existing bank partner, while also finding a new institutional partner to pilot our Microloan program. We even had an opportunity to mentor business owners on our own reality TV show on Discovery Channel en Español, Emprendedores!!!
Most importantly, it was a year where we have continued to see the impact of lending to businesses in the community. We had the chance to celebrate stories of people like Leticia Michel, who increased the income of her tax practice by almost 50%, or Baldemar Ramírez who grew sales by 88%!
While we grew and made a lot of progress, we encountered our fair share of obstacles. We continue to manage the challenges associated with expanding access to capital to underserved markets while maintaining the lowest cost for our borrowers. The fight is not easy, especially now that we’re deploying MILLIONS in loans each month. But we are making progress. In 2018, we significantly brought down our prices and increased the average repayment term of our Microloans to 24 months!
Our success couldn’t have been possible without YOU. Our Members and the tireless work of our Team is what motivates us to keep doing our best effort. With that said, nothing brings us more pride than to announce the fruit of our sacrifices and labor in 2018:
Grew loan originations by 82% and revenue by approx. 120%
Our growth is mainly driven by the trust we’ve established in the business community and our ability to educate microenterprises on how to qualify for a loan.
Successfully piloted a new Microloan program with reach across the United States*.
We also expanded the repayment term of the microloans from 12 to 24 months, cutting the average monthly payment almost in half.
Further developed our technology to offer instant loan approvals powered by a proprietary credit score for applicants with limited to no credit history.
Recent tech and credit developments enable us to: i) instantly pre-qualify more applicants, ii) increase our final approval rates, and iii) lower the cost of our loans.
Grew our Small Business Loan (SBL) program by 121%, in terms of loan originations, through a partnership with the Commercial Bank of California.
The SBL program offers established and profitable businesses an opportunity to grow with an unsecured loan up to $400,000.
Launched our Member Portal to enable our members to check their loan balances and loan payment details.
The Portal is a step forward towards creating a best-in-class mobile experience customized for underserved microenterprises.
2019 Sneak Peek
In 2019, we’re very excited about significantly growing our member base and establishing new partnerships.
We’re going to kick off the year with an expected announcement of a long-term debt deal with a new strategic partner. Get ready because we’ll likely blow your socks off with the committed loan amount.
Also in the first quarter of 2019, we will launch an updated version of our Member Portal including i) a new account management interface, ii) a loan renewal feature so that existing members can access more money faster and with fewer clicks, and iii) a fully integrated loan application to enable users to save their application and receive real-time notifications.
Thank you to all our associates and their families, our Members, partners, and friends who have supported Camino Financial. It’s your love, contributions, and cheers that give us the energy to wake up every day with the feeling that Todo Es Posible (Everything is Possible).
Un abrazo fuerte,
Sean and Kenny Salas
Founders of Camino Financial
* Camino Financial can lend microloans nationally with exception of New Jersey, Hawaii, Puerto Rico, and Caribbean Islands