The K-Factor podcast is produced by CHYE – Crown Heights Young Entrepreneurs in partnership with community news website COLlive.com.
The K-Factor offers business wisdom that can help future business leaders to make the “Keli” (the Hebrew word for vessel) so they can grow their business aspirations.
Episode #7 – “The Three Rules to a Successful Start-Up”:
Shlomo Haft, Director of Microenterprise at the Hebrew Free Loan Society in New York, provides interest-free business startup and expansion loans to entrepreneurs in the area.
Haft served for 20 years as Chief Operating Officer and In-House Counsel of Haywin Textile Products, a successful home textile wholesale distributor. He helped grow Haywin’s annual sales from $10-million to $70-million, negotiated strategic joint venture agreements with overseas manufacturers and U.S. based licensors, and oversaw the company’s credit risk decisions. Shlomo received his undergraduate degree in Economics from Yeshiva University and his JD from Cardozo School of Law.
Haft manages the microenterprise loan program at HFLS, a 125-year-old non-profit organization. His responsibilities include review of business plans, borrower due diligence, loan underwriting, preparation of financial statements, presentation of loan requests to Board of Directors, and management of loan portfolio, Community Based Organization (CBO) partnerships, media relations, and pro bono attorney program. Since 2005 the microenterprise program has made over 350 micro loans totaling over $8.7 million to low- and moderate small business owners residing in New York City and Long Island.
* Importance of experience
* Reinvesting in the business
* Know your Money