Entrepreneur of color
Woman-, Immigrant- and Hispanic-owned business
20 jobs retained in a high poverty area
$1 million in real estate remains local
$350,000 in other assets leveraged
Business in a high poverty area
Aminta and Ana had run a bakery in a leased space for many years. They were motivated to purchase a building that could become a flagship location, help them build generational wealth, and safeguard against displacement. The Craft3 lending team crunched the numbers and tested financial projections so the sisters could secure a loan to let them acquire a property and finance renovations.
The Salvadorean Bakery is a beloved fixture of the White Center neighborhood of Seattle. Aminta and Ana, sisters, have run the bakery for over 25 years, successfully navigating recessions and more recently a pandemic. While their business has been successful and they have a large and loyal customer base, they have always leased their space.
Like many business owners, Aminta and Ana dreamed of owning a building for their business. This would allow for growth, be an enduring asset, and protect them from displacement.
Aminta and Ana were referred to Craft3 by White Center Community Development Association. When we learned that the sisters were interested in purchasing a commercial building, we got to work. We used available financial statements and created our own financial projections to determine their ability to afford this purchase. After crunching the numbers, we issue a loan to help them purchase a building and finance repairs and renovations.
Their new building will be a pupuseria and café with a drive-through, serving baked goods from their main bakery. Eventually they plan to expand this location and build out a full bakery space, creating a flagship facility. Owning a building will give them security and stability for years to come.