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.
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