Combining Entrepreneurship, Passion for Cooking and Saving in an IDA to Grow a DC Food Small Business
Paty Cruz, a Latina resident of the District of Columbia, has combined her entrepreneurship skills, passion for cooking Mexican food and saving in an Individual Development Account (IDA) provided by Capital Area Asset Builders (CAAB) to invest in her DC-based small business: El Sabor del Taco. "I started with a dream and have worked hard to achieve my company's success," said Paty. "In order to achieve your goals, you have to have a plan. My IDA was a great way to achieve my goals and get started."
A few years ago, Paty opened an IDA with CAAB. Immediately thereafter, she started to save and met her savings goal in less than a year. Upon achieving the goal of saving $500, she benefited from receiving from CAAB a tax-free, no strings attached match of $4,000 which needed to be invested in her business. Paty used her savings and the match in her IDA to buy a computer for her business, advertise on social media, and buy 3 industrial blenders to increase her business' productivity and generate more income.
Paty and El Sabor del Taco now offer catering services and sell tacos, tamales, drinks and other Mexican food items at three farmers markets in DC. "I started with nothing and now I have my own business. Step by step we are growing the business and also employing more DC residents."
Paty's hard work and the revenue from her small business have enabled her to finance the college studies of her three children.
To enjoy the delicious food and drinks prepared by El Sabor del Taco, please visit https://www.facebook.com/elsabordeltacodc?fref=photo
About Capital Area Asset Builders
Capital Area Asset Builders (CAAB) is a non-profit organization whose mission is to empower low- and moderate-income residents of the Greater DC Area to take control of their finances, increase their savings, and build wealth for a better future.
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