November 2015 Business of the Month
Abdella is from Ethiopia and currently living in Aurora, Colorado. He purchased Yummy Popcorn through the CEDS MED program.
|Abdella Mudesir successfully exited the CEDS IDA program when $2,000 in personal savings was combined with the $2,000 in CEDS matching funds, for a total of $4,000 towards the purchase of a business.|
Financial Impact #2:
|Abdella Mudesir borrowed $50,000 from the CEDS MED program, which he combined with his own savings of $25,000, to establish a kiosk business in Southwest Plaza called Yummy Popcorn, which has 3 employees.|
Abdella Mudesir is an immigrant from Ethiopia who was granted asylum in the United States in 2007. He joined the CEDS IDA program in 2010 with an asset goal of a business. He achieved his asset goal and was able to exit from the program successfully by purchasing the kiosk in the mall where he used to work as an employee. He immediately reorganized his kiosk and expanded it with a business loan amount of $2,000 from CEDS. His wife, Rabia Seman, also participated in the CEDS IDA program, and exited the program successfully. She used her savings as well as the matching fund (for a total amount of $8,000) for expanding their business. Abdella added a second kiosk in the same mall, thus increasing the inventory for sales. In the meantime, he did a market assessment of the malls in the Denver Metro area and was able to move his business to the Aurora Mall, where he believed the kind of customers he serves usually do their shopping. In 2012 he took a second loan from CEDS for $15,000 to expand this business. He sold this business and paid off this entire loan in 2015. Shortly thereafter in 2015, Abdella took out his third CEDS loan for $50,000, which is the maximum loan amount from CEDS. He used this loan to open Yummy Popcorn in Southwest Plaza in November 2015, and business is exceeding his expectations. Abdella and Yummy Popcorn were named CEDS MED Business of the Month for November 2015.