All it took was a little support to get Dario Franco, 29, to start thinking seriously about starting his own business.
A year from now, he thinks he will have saved enough to open a painting company thanks to a new program offered by United Way of Snohomish County and the Snohomish County Workforce Development Council.
The program, called Build for Tomorrow, will provide $2 for every $1 that participants save toward starting a business or earning a degree. While they save, they are required to attend financial training classes tailored to their goals.
For Franco, Build for Tomorrow was the push he needed to start planning for his business. He plans to save $2,000 to receive the maximum $4,000 in assistance.
“This program is like motivation for us,” Franco said. “Not everyone thinks about saving for a business, but this is the same amount of money as buying a car.”
Franco said he’d be unable to afford the equipment he needs without the program.
“I need three machines, probably a better car,” Franco said. “Those things are expensive.”
The purpose of Build for Tomorrow is to help low-income individuals lift themselves out of poverty, said Deborah Squires, vice president of marketing for United Way. Unlike the similar Individual Account Program that United Way offers, Build for Tomorrow is targeted mainly at members of the Hispanic community. It also focuses exclusively on helping people save for tuition and business startup costs, while the older program allowed participants to save toward buying a home.
“To this point, most everybody has used our program to help save money to buy a house,” Squires said. “With this one, we said, ‘Let’s focus on the business startup and education.’ We saw those as assets that really help make people independent.”
The financial training that comes with the program is one of its most important aspects, Squires said. Those starting their own businesses are taught about accounting and business finance, while those pursuing an education are taught other aspects of financial literacy.
“The training is specific to whatever it is you’re going for,” Squires said. “A lot of it is learning how to budget and what your credit rating is. By the end of this, people will have created something that is self-sustaining.”
Franco said he is relying on the training he receives through the program to familiarize himself with American business practices.
“In our countries, we work differently,” said Franco, who immigrated to the United States from Mexico four years ago. “We need to know the rules of this country.”
Those admitted to the program must be referred by a social service agency and go through an interview process.
The Workforce Development Council looks for people who are able to set goals for themselves and meet them, program manager Amy Persell said.
Fernando Larco, 45, said he hopes opening his own telecommunications installation company will show the high quality of Hispanic-run companies and the work they do.
He plans to focus on interior installation and wiring to distinguish himself from larger, less specialized companies such as Comcast.
“I want to show that Latinos can have quality service and be competitive with any other kind of company,” he said. “People don’t realize they can get a specialist who will be more knowledgeable about certain problems and cheaper.”
About 20 people selected for the program met to celebrate its official kick-off Thursday, Persell said.
“This really is a life-changing program,” she said. “We’re celebrating that they’re embarking on this new journey in their lives.”
Reporter Melissa Santos: msantos@ heraldnet.com.
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