For Leonardo Vazquez, owning an automotive repair company was always the dream. After moving to Cookeville, Tennessee, his nephew Edgar shared that the owner of the local junkyard he had worked at for six years was up for sale. They saw it as the perfect opportunity to start a family-owned business and purchased Aenon Auto Recycling & Parts in 2015.
After transforming the business into a one-stop shop including parts, tires, mechanical work and bodywork all in one place, they had to pump the brakes on expanding until they could get more money. With limited access to capital, they struggled to grow for an entire year.
Pathway Lending provided Aenon Auto Recycling & Parts with a $10,000 SBA microloan, with an acquisition loan for additional working capital. Pathway also paired them with a business advisor to help strengthen their business practices. They offer body work services, mechanical work, and have added a dealership since they started working with Pathway. Aenon Auto Recycling & Parts continues to soar as a minority-owned business in Cookeville, and is the only Spanish-speaking automotive used part dealer in the area. The capital from Pathway Lending supported their revenue growth.