Nonprofit lender Accessity, dedicated to supporting small businesses with access to capital and resources, was awarded a $750,000 multiyear grant from U.S. Bank Foundation. This funding, designated for general operating support, marked a historic milestone for both Accessity and U.S. Bank Foundation, as it represents the largest grant ever awarded to Accessity by U.S. Bank Foundation.
The funding from U.S. Bank Foundation will be used to help small business owners in Accessity’s six-county Southern California service area improve their financial self-sufficiency through access to funding and educational resources.
The organization helps entrepreneurs experiencing challenges accessing capital due to short or non-existent operating histories, past credit challenges, lack of collateral or language barriers.
A Chula Vista small business who benefitted from Accessity’s program and was referred to it by a U.S. Bank banker is Serena Cuevas of Deseo Studios location in the Otay Ranch Town Center.
Cuevas started her dance company with only six local dancers performing and teaching classes throughout San Diego County. With her energetic focus on the Latin nightclub scene, she quickly expanded internationally with her services. After over a decade in the business of touring and commercial advertisements, she became one of the region’s most sought-after and renowned dance companies. Cuevas was ready to open her first official dance studio. Still, she lacked the financing to do so.
“U.S. Bank has been a wonderful supporter of Accessity for more than 20 years,” said Accessity CEO Elizabeth Schott. “This significant contribution will have a transformative impact on our ability to assist small business owners in Southern California. With these funds, we can broaden our reach and extend our services to those who need it most, enabling local entrepreneurs to achieve their dreams and strengthen our local economy.”
Schott said the three-year grant will contribute to a diverse and inclusive small business community and primarily help entrepreneurs of color, women, immigrants, and low- to moderate-income individuals.
Cuevas said for most of her 15 years in business, she rented dance studios around the county, until opening her own studio in Chula Vista.
“It was because of the pandemic,” she said. “Like everyone else, I was having trouble, and so I reached out to U.S. Bank, who referred me to Accessity that was able to give me some capital to keep the business going through the pandemic. It was helpful and really crucial. We just celebrated our 15th year at the studio, so this has been a big journey.”
Schott said Cuevas went to her U.S. Bank banker, Adolfo Hernandez, for advice. Adolfo referred her to Accessity, which provided her with a loan to cover rent and marketing expenses. With the loan, Cuevas was able to hire a new staff member and maintain 11 other youth and adult instructor jobs. Today, her business is thriving.
Cuevas said the studio focuses on Latin partner dancing, the Latin Hustle, salsa, bachata, the cha-cha, along with having independent renters that utilize the studio. Deseo Studios offers group lessons, partner lessons, and private lessons.
“Our recent addition to the studio is that we are a community venue for people to rent for anniversary parties, bar mitzvahs, quinceaneras parties, so people can also rent the studio. It is really cool to be able to do that. Since it is such a big venue, we also host the Chula Vista Haunted House. On Halloween, we totally get haunted, and throughout the year for Easter egg hunts, Candy Cane Lane. We do all these things for the kids in the community also. It is fun having your own studio because as a dance studio you are not normally able to do things like that.”
Cueva said the studio also helps students who want to follow the competition track. She said this part of the business is not normally advertised as they hand-pick the competitors, or those interested in competing can apply for the program.
Schott said Accessity is a 30-year-old nonprofit organization, founded in San Diego.
“We are called a Community Development Financial Institution,” she said. “Our mission is surrounded by providing financial opportunity and access to capital for those entrepreneurs from startups to existing business that are looking to start or expand. And they need that access to capital to start or expand their businesses. The mission is supporting entrepreneurs, those with low to moderate income, and other populations that have a history of facing systemic barriers in gaining access to financial capital through traditional sources.”
Schott said their loans go from $350 to $100,000.
“We also have the opportunity to provide support and resources alongside the capital support for their long-term success,” she said. “We work with any small business owner who may be seeking to gain capital and face systemic barriers. That can be ranges of businesses from restaurants, retail shops, dance studios, exercise studios, home-baking businesses, food trucks. In Serena’s particular case, we were able to get a $8,000 loan for her to really help her at a time when she was having trouble during the pandemic. It was a place where she needed support in rental assistance, marketing expenses, and hiring some staff. It was a small loan, but it was enough for her to start to recover from the pandemic by putting some cashflow into her business so that she could use any other capital she had for other needs for the business.”
Schott said it is about meeting the business owner where they are, whether it is a starting business or existing business.
Cuevas said it is important for the community to know that Deseo Studios is a dance studio for the community.
“We really love that we really have many beginners,” she said. “People who are new to dance, we do not want to intimidate them with our Latin dance. We have an excellent staff, and we really cater to beginners. We have a lot of credibility and all our champions, but what we care about is our new generation of dancers.”
This year marks her 15th year of business in San Diego. Cuevas celebrated with a gala anniversary event on Aug. 19, featuring a professional and youth showcase, followed by a dinner and gala at her spacious studio location in Otay Ranch Town Center in Chula Vista. To learn more, visit deseostudios.com.
“This record-breaking award is a testament to our commitment to the growth and prosperity of entrepreneurs in Southern California,” stated Rockette Ewell, California Region Manager, Community Affairs at U.S. Bank.
