Rafael & María’s Story

Rafael Reynoso has been in the auto shop business for over 20 years. He formerly owned an auto repair and smog check shop only blocks away from his existing business. After analyzing the business operating margins, Rafael and María realized that solely offering smog checks would ensure their new business, El Tucán Smog Check, would earn enough income to support their family.

The Goal

The Reynoso’s were in dire need of a new smog check machine since their old machine no longer functioned nor did it meet regulatory requirements to accurately smog check vehicles.

“This new machine we purchased with the loan produces $300-400 dollars a day. That’s quite an improvement for our business”

– Rafael

Rafael and María’s Camino Experience

• Latinos lending to Latinos
  “Rafael saw a Camino Financial ad on Facebook and he was interested in working with a Latino-run lender that would likely better understand his business. “When a Latino lender is there for you and can help, it’s better because you can speak in your own language.”
• El Tucán received a business loan in 5 business days
  “Every day was literally costing the Reynosos hundreds of dollars in sales. They needed to order a smog check machine ASAP. Camino Financial moved quickly to fund El Tucán in 5 business days. “It was not only fast, but also easy, because Camino connects with the bank statements and there is so much less things for me to worry about.”
• Repaid outstanding credit cards which were hurting María’s credit score
  “After repaying their first business loan, El Tucán applied for another loan to pay off outstanding credit cards used to fund the business. After two weeks, María’s credit score increased by 50 points. “I wanted to improve both her score and mine. Hers improved by 50 points and mine when up 59 pts!”
• Graduated to a lower rate and longer term loan program
  “Because the Reynoso’s never missed a payment, Camino Financial reduced the annual rate of El Tucán’s new loan by 8.75% and extended the payoff from 12 to 24 months. “Our second loan is even better than before. And I feel that in the future it can be better.”

The Result

The Reynoso’s not only saved their business, they improved their financial welfare

The Reynoso’s resilience and faith to keep the business afloat allowed them to get the capital they needed to buy a new smog check machine. They not only got a new machine, they found a new financial partner that has helped them significantly improve their financial welfare.