Watching his father transform a hobby, carpentry, into a contracting business inspired the then 10-year-old Thomas/Greg Wagnon’s to one day own his own business. As an adult, he realized this dream by merging his love of cycling with a need for transportation in his city, creating a taxi service called Little Rock Pedicab in Little Rock, Arkansas.
Wagnon spent four months solidifying his business plan and preparing to launch his entrepreneurial endeavor. He carefully researched the pedicab industry to be certain he made the safest cabs possible and thoughtfully laid the groundwork for a successful small business.
While looking into lenders, Wagnon found that most required a business to be open and established before considering it for a loan. Fortunately, a local banker referred him to an Liftfund loan officer able to provide assistance to Wagnon’s start-up business.
“The Accion Texas loan really started the process of owning my own business,” said Wagnon. The majority of his loan went to purchase the pedicabs, and the rest went to insurance, licensing, and other start-up costs. Today, Wagnon employs himself and a handful of subcontractors who serve as drivers.
“Thanks to Accion for helping me accomplish the dream I had since I was a kid. Talking to people at Accion made me feel that they believed in me, the person behind the business. Thanks for believing.”