Genny Alberts (left) with Loan Counselor Phuong Le (right)
The Mid-City BusinessSource Center assisted Mrs. Genny Alberts in obtaining a $650,000 loan to save and expand her business, Genessy Management and Development LLC.

Genny’s business offers managerial services of residential buildings to nonprofits that serve the homeless and low-income individuals and families.

Due to the loss of her beloved son who was managing the business, Genny had a difficult time operating and focusing on the business. She borrowed money from a high-interest lender to help keep her business operating.

Earlier this year, she met a loan counselor at the Mid-City BusinessSource Center, run by EWDD partner PACE. By July 2017, Genny’s loan counselor helped her refinance her debt and get an initial $50,000 loan with much lower interest.

Afterwards, the counselor worked closely with Genny to improve her business, helping her get approved for an additional $650,000 loan from First General Bank to expand in August 2017. Genny credits the Mid-City BusinessSource Center for giving her business new life and meaning.

"Without the BusinessSource Center, I don't know where the business would be today,” she said.

This story is part of the EWDD UPDATES Newsletter from the week of 10/16/2017. Read this issue and more.