Iris Gay wanted to increase her output of quilts from her home based business. She knew what she needed to do –to find a simple quilting machine that would be user friendly, easy to operate, and only cost a few thousand dollars. She knew that Lakota Funds offered the ideal asset building program to do this.
First, she committed to increasing her own financial literacy and her knowledge of how to run a business by systematically saving in the Individual Development Account (IDA) program. As an IDA participant, she not only built her personal financial capital by getting an infusion of dollars from the two to one match Lakota Funds provided her, but she also attended financial literacy, credit repair, business planning sessions, and group discussions with other savers. Tonia Young, Business Success Coach, was her guidance though the IDA program and Lakota Funds will continue to provide her additional technical assistance as she’s on her way to success.
Next, through the business planning course she began developing plans for her business, obtained a Tribal Business License, and began developing a loan application. Jason Brave Heart became her Success Coach on this leg of her journey. When her IDA account was built up to the point she could make a substantial down payment on the machine, she applied for a loan under the micro lending category that only requires a cash flow projection, credit score, some collateral, along with business and personal financial records and her personal guarantee to be reviewed by the loan staff and the Executive Director. With her personal integrity and commitment, Iris is pursuing her dream of owning her own business.
Iris Gay, first time borrower of Lakota Funds, is using her loan and the money she earned through the IDA savings program to purchase a high quality quilting machine to enhance productivity in meeting the demands of her customers and the potential to attract new clients. Iris has been making quilts of excellent craftsmanship by hand for 20 years. Iris is the first IDA participant to use her proceeds as equity in obtaining a loan from the Lakota Funds to start up a business. Iris pledges, "To provide high quality machine quilting at reasonable prices."
To order her quilts or to discuss your needs for a particular design and colors, call her at (605) 455-2981.