CAAAB has recently been engaged by the Incarnate Word Foundation to start and manage their micro loan program for place-based micro businesses. Initially, the loans are dispersed to the Parents as Entrepreneurs program participants only however, plans are already on the way for advancing the loan pool to serve other small and disadvantaged minority businesses as well. The first recipient of this loan is an African American couple who operate a temporary barbeque stall at the corner of Cass and North Grand.
The couple received a $5000 loan at a minimal interest rate for over a two-year period to implement the first phase of their Barbeque Joint business plan, which included operating a mobile barbeque joint. With this loan they bought a truck, upgraded it, and installed the necessary compliances that met the City and Department of Health requirements. They officially inaugurated the business on September 23, 2011.
The Incarnate Foundation has further invested in CAAAB with additional $10,000 to use as micro loan for small community based businesses. The prospective candidate for this loan is Lavish, a braiding business. The owner of Lavish is also a Parents as Entrepreneur program participant. She is in Phase 2 of the program where she is being coached to develop a formal business plan.
The business plan is in the last stages of completion. ItÂ Â includes operating a braiding shop along with a job training and placement program for teenage girls. The business plan so includes operating the Juice Box Corner Store franchise to promote healthy living in the community.