Robinson O'Brien Displays his IDA College Tuition Check
When eighteen-year-old Robinson O'Brien enrolled in Ashland University, he used the match funds he recently withdrew from his WECO Fund, Inc. IDA Savings Account. Robinson, who graduated from Villa Angela-St. Joseph High School in June, heard about the opportunity to save toward his college tuition from a speaker in his Independent Living Class. At that time, the entire class was presented with the opportunity to start their free savings account with a $5 deposit and the approval of their parents. After participating in the required financial education classes and reaching minimum savings of $750, IDA savers receive a 2:1 cash match, giving them an additional $1500, or $2250 to use for further education.
Robinson accelerated his savings by transferring money from a previous account and by depositing about $50 monthly from his movie theater job. "On my birthday", Robinson said, "I was able to deposit an additional $100 from my birthday gifts. It only took me about 10 months to save the $750 I needed in order to request matching funds."
Robinson knew from the beginning that his savings would go toward his college tuition. He decided to attend Ashland University because of the strength of its Political Science program, and the fact that he also received a $2000 renewable scholarship from the Ashbrook Scholars Program. As a PolySci major, with a minor in History, he must maintain a 3.5 grade average - something which does not worry Robinson, whose ambition and ability to invest in his own future is clear.
What was the most important thing that Robinson O'Brien learned from his IDA participation? "If anyone is offered the opportunity to save by participating in the WECO IDA program, do not let it slip through your fingers. Financial education is crucial - when you put your mind to it, by cutting back on just one expense you can save and invest in your own future success."
WECO IDA Program Benefits New Business Owner
The Egyptian Corner
11536-A Buckeye Road
Cleveland OH, 44104
216/791-7088
THE EGYPTIAN CORNER, Fine Arts & Imports, began in 1996 as a unique and eclectic home-based business. It was a natural outgrowth of owner Leslie R. Wiggins' passion for ancient Egyptian culture and art. Ms. Wiggins stored her inventory and workshop in the basement of her home; business was conducted by appointment there or at her clients location. Determined to bring the reality of Egyptian art to a sometimes unaware public, Ms. Wiggins taught and interpreted symbolism in Egyptian art at community festivals, lectured on Egyptian art and philosophy, and introduced ancient Egyptian adornments, cosmetics and jewelry to children's groups in order to acquaint them with the connection between historical and contemporary artifacts.
In December of 2004, Leslie Wiggins realized her ambition of moving her business into a stand-alone retail store in the Buckeye Road neighborhood of Cleveland's East Side. Shortly after the move, Leslie realized that she needed extra cash to increase her inventory and additional budgeting help for her emerging business. In April of 2005 she established a WECO Individual Development Account and began to save money each month in order to receive a 2:1 dollar match that she could use for her business. After almost a year of the required savings account deposits and ongoing monthly financial management skills-building classes, Ms. Wiggins cashed out over $2200 to apply to her small business needs. Ms. Wiggins says, " I found the required monthly IDA Financial Education and Budgeting classes very valuable; I was able to track the way I spent my money, and learned how to apply my new business financial skills to my personal money management procedures."
WECO IDA Program Benefits Restaurant Owner
LB's Carry Out
4517 East 131st Street
Garfield Heights OH, 44105
216/429-2679
Linda Buckhanon had a dream...her dream was to open and operate a take-out food business that would also contract to prepare and deliver boxed hot lunches to local businesses. Providing quality meals at competitive prices seemed to be an attainable goal, but one, as Linda found, that was demanding, time-consuming, stressful, governed by myriad health department requirements and challenging to the 54-year-old mother and grandmother.
Fifteen years ago, Linda was cooking and catering out of her home when she began to think about finding a larger audience for her cooked-to-order, homemade soul food specialties. In July, 2003, with the aid of a WMC Microloan, Linda found and equipped her space at 4517 East 131st Street in Garfield Heights and opened for business.
It isn't easy-she begins her workday at 3:30 am and her early morning breakfast customers start enjoying her sausage, egg and cheese croissants at 5 am. "It's a constant battle to keep up with food prices", says Linda. "When I started, a case of chicken was $32-now I pay almost $53 for the same inventory. As well as the preparation and presentation part of the business, which I love, there are the financial challenges that I face every day. Thank goodness for my loyal customers; and thanks to WECO for giving me the opportunity to attract more loyal customers who will keep coming back for another LB's Carry Out meal!"
Monica's Hungarian/Caribbean Restaurant & Cafe
644 East 185th Street
Euclid OH, 44119
216/481-7776
Monica Limerick, originally from Guyana, purchased this restaurant in the Old World Plaza of Collinwood in September of 2004 from its Hungarian owner, and has kept the Hungarian specialties while adding her native Caribbean fare to the menu. Monica's is one of only three authentic Caribbean restaurants in the Greater Cleveland area; you can order Jerk Chicken and Red Beans while your tablemate feasts on Chicken Paprikash and Spaetzel! Monica's serves lunch and dinner, operates a take-out service and delivery for nearby residents, caters meetings and parties and features "sweet endings" of both Guyanese and Hungarian baked goods.
Monica and her accountant/sister Myrna Tubbs bring their lifelong passion for and knowledge of their native foods to their enterprise. Monica earned a diploma from the Carnegie College of Home Economics in Georgetown, Guyana and taught cooking in her native country, then received a Food Service Management Certificate from Notre Dame College. She has been a Nutrition Consultant to I Care Home and Health Services, as well as a former manager of the Cleveland Playhouse Club dining room. With start-up support from Shore Bank Enterprises, personal investment and her WMC microloan, Monica's was able to invest in new equipment and inventory and expand her marketing efforts.
Rutledge Insurance Agency, Inc.
11604 Buckeye Road
Cleveland OH, 44120
216/707-1444
2084 Noble Road East Cleveland, OH 44112 216/681-1444
Darwin Rutledge began the operations of Rutledge Insurance in 2001 after a number of years as an exclusive agent for a well-known insurance carrier. In 2002, he moved the new agency into Cleveland Heights, and in 2003 he and his wife, Deborah, Secretary/Treasurer/COO, who handles all the marketing and promotion for the agency, decided to again move-this time to a storefront location that allows for better signage and walk-in access for his carefully researched target population. The Rutledges WMC microloan was used to build out the office at 11604 Buckeye Road and to provide working capital for a comprehensive marketing campaign.
After 3 years of successful operations, Rutledge Insurance Agency was able to open a second office in East Cleveland to service their steadily increasing business. Both Rutledge offices focus on business, property, life, casualty and health insurance. Initial insurance quotes are provided free of charge; walk-in customers can have their present insurance program evaluated and receive a new quote right on the spot. Darwin Rutledge's attention to customer satisfaction and dedication to providing knowledgeable assistance to an underserved inner-city market has resulted in the expansion of staff. The increase in jobs and the addition of another successful minority-owned enterprise in the City of Cleveland are all part of Darwin and Deborah Rutlege's business ambitions, as well as a fulfillment of the WECO Microenterprise Center's mission and purpose.