Hard work overcomes risk

Gerald “Dino” Green’s tow trucks have become a familiar sight in and around Andover in the two years since he opened an auto repair and towing business on Main Street.

An economic slump is bad news for new car sales. People try to squeeze another year or two out of their fixer-uppers. That has meant steady business for Green, who has hired a driver.

Dino grew his business, Dino Green’s Auto, LLC, with the help of two Community Loan Fund programs. Early on, MicroCredit-NH provided business loans and training. Then he invested in his business the matched savings he received through the Individual Development Account.

Opportunities soon rolled his way. He took over the Andover garage two years ago when its previous owner retired, and was signed on by AAA to provide road service.

With only one tow truck on the road, he was missing a lot of AAA business. He found he was at a disadvantage when looking for a business loan to buy a second truck.

“In a business like this, everything is out on personal credit,” he says. “You’ve got five parts stores that you deal with – that looks like so many open accounts. That makes (lenders) nervous.”

Because of his experience with the Community Loan Fund, we knew Dino as a hard-working guy who was well positioned to grow his business and eager to learn more business skills. He also has business “street smarts”: He built his case for financing by tracking the AAA calls he couldn’t respond to for lack of a second truck.

So in September, the Community Loan Fund loaned Dino the money he needed for a ramp truck. It was the first loan in a pilot project testing our ability to better respond to the need of self-employed people and small business owners who have asked for larger loans.

“Dino’s grit and determination are matched by his openness to being coached and his own acumen. These qualities mitigate what other lenders saw as risk,” says John Hamilton, the Community Loan Fund’s Vice President for Economic Opportunity.

This story was published in the Community Loan Fund’s 2010 Annual Report.