Hector has been part of our network over the last 2 years. He owns a mechanic workshop in Guatemala City called AUTOBOTS.
When Hector first joined the network, he shared his business history and the failures he had experienced, and how those failures forced him to borrow money to survive and maintain his business. This caused him to request loans from relatives and banks, increasing his debt to almost $20,000.00, which is a HUGE amount for a small business owner in Guatemala.
After the business training he attended at AMG Guatemala, and a lot of hard work, he managed to gradually understand how debts work. After some months of mentoring sessions and great work by AMG volunteers who visited financial institutions and government lawyers to advocate for him and help negotiate his debts, Hector was finally able to agree on a feasible payment plan during 2021 with his creditors.
At the end of 2021 and after much sacrifice on his part by eliminating expenses and lowering his fixed costs to a minimum, Hector managed to cancel all his debts and now he even has a new location to expand his business.
This year, 2022, has marked a new stage for Hector as a renewed entrepreneur!
We firmly believe that Access to Capital is essential for the development and growth of a business. Through our Local Community Institutions and strategic partners, we provide access to capital for micro and small to medium enterprises (SMEs). These loans and investments equip entrepreneurs to start and grow businesses. Learn more here.