BRONX, N.Y. -- Fitz Octave did not let his visual impairment stop him from launching his own car repair shop.
The Caribbean native opened his own business in May 2007--FGO Motor Services, according to an article in the April 14 issue of The New York Daily News. The onset of glaucoma has limited Octave's sight since 2003.
On a quest to secure financing, Bank of America, Washington Mutual, HSBC and Chase all turned down his request for a small-business loan, the article said. Enter $14.7 million Bethex Federal Credit Union. The financial institution was so impressed with Octave's business plan, said Maria Estrella, loan officer, that he was approved for a $15,000 loan at 14.25%, set by the Small Business Administration.
Before starting his business, Octave enrolled in a training program for visually impaired entrepreneurs through the Brooklyn Economic Development Corp. Besides learning bookkeeping and marketing, Octave came up with a business plan and began a search for leased space, the article noted.
Octave told the publication that he heard about credit unions while attending various training programs. He subsequently joined Bethex FCU. The Bronx-based credit union has offered business loans since 1989 and has nearly $1 million on the books to 42 borrowers, according to the article.
Octave said that he is expecting an estimated $170,000 in revenues this year. The shop is open six days a week and has six employees. The entrepreneur, who wears glasses with magnifying lenses to read very small print, uses a computer that enlarges the typeface.
"When you bring your car to me, one stop will take care of everything," Octave told the publication. "Where I am sitting today is where I always wanted to sit," he said from his chair at the computer in the shop office.
--msamaad@cutimes.com
