COLUMBUS, Ohio — Once what was a small food truck parked on the side of the road in the heart of Columbus, has blossomed into a thriving business empire, thanks in part to a local organization dedicated to funding and guiding small businesses.
The Economic and Community Development Institute (ECDI) helped transform Dos Hermanos from a street vendor to local Mexican culinary powerhouse.
"As an entrepreneur, you never know what you need and what you don't need,” said Lisa Gutierrez, CEO and co-founder of Dos Hermanos. “What's great about ECDI is they showed up with all the resources that we didn't even know that we needed to start a business."
Today, Dos Hermanos has five food trucks, five brick-and-mortar locations, and employs over 100 people. The also have concession stands in the Greater Columbus Convention Center.
Dos Hermanos exemplifies how ECDI is playing a crucial role in preserving the flavor and identity of Central Ohio neighborhoods amid rapid development.
"We've deployed over $100 million throughout our history in loans and then another $50 million in grants. Every year for the last four years, we've been the country's number one SBA micro loan intermediary," said Steve Fireman, President and General Counsel of ECDI. "We provide funding for loans from $500 all the way up to $2 million. The funding is a critical differentiator to some of our peers."
ECDI's efforts have had a significant economic impact on the region. While exact figures are difficult to pinpoint, Regionomics, who surveyed EDCI businesses, suggest the institute's clients have generated tens of millions of dollars in economic activity and created over 100,000 jobs.
"It was a third of a billion dollars in economic activity, said Dr. Bill LaFayette, the owner of Regionomics. "And given how small that sample was, it's easy to s to see that the impact would be into the billions and uh probably more than 100,000 jobs all told. I'm very comfortable saying that."
Despite these successes, challenges remain for small businesses in Central Ohio. Access to capital continues to be a primary concern. LaFayette says small businesses are the backbone of Columbus, and more is needed to support them.
"I think that we have a very good infrastructure here for supporting small businesses," said LaFayette. "I tapped into that infrastructure 13 years ago when I went out on my own. But the thing is...it needs more resources, it needs especially more publicity."
Gutierrez emphasizes the need for more grant opportunities: "Small business loans are amazing, but they need to be paid back. Grants really help us infuse capital into our businesses, put people to work, and then be able to serve more tacos."