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The Inclusive Economy
Leveraging IDAs in Entrepreneurship: A Success Story
By Rashmi Joshi on 07/12/2011 @ 10:35 AM
Sunny Suppa always knew she would own her own business. Her father was an entrepreneur; her extended family consisted largely of entrepreneurs. After Thailand suffered a terrible depression and her family lost everything, Sunny knew she was on her own in building her enterprise, and the road to rebuilding her financial situation seemed nebulous and impossible for the future.
But during her last year of school at the Fashion Institute of Design and Merchandising (FIDM), Sunny was challenged to develop an original business idea; it was during this project she realized the need for professional clothing that fit women who were 5'2" or shorter. After graduating and working for seven years in the business, Sunny sought to utilize her education in fashion and knowledge of the business to bring her plan to start her new clothing line, 5'2", to life. Without enough business capital, however, Sunny was left without many options to build her business.
Luckily, her coach in her entrepreneurship program introduced her to an Individual Development Account (IDA). In time, her savings that were matched by the program in her IDA were enough to give her the start-up money needed to build 5'2". Today, Sunny not only successfully runs 5'2", but is also Program Director for Wardrobe for Opportunity, a non-profit organization in Oakland, California that provides clothing to low-income job seekers. She is also actively involved with C.E.O. Women Alumni group and UrbanFIRE, a grassroots organization in Oakland that provides entrepreneurship training for men and women.
After the success of 5'2", Sunny Suppa joined two other panelists at CFED's Asset Learning Conference in 2008, where she spoke about her experience as an IDA saver. The perspective that other savers provided at the conference added a new dimension to Sunny's experience as an accountholder. She learned about the scarcity of funding available for these programs, and the fact that they need to be advocated for on the policy level in order to have the ability to continue to make positive changes in people’s lives.
"It was inspiring and interesting to see how everyone was impacted by his or her IDA. Just being able to talk about it- I didn’t realize the full extent of what the IDA represented for so many different people. [IDAs] are important for people to get a head-start and get out of their current economic situation, but they’re also something you can’t take for granted. They might not be supported and have to be fought for from year to year. Before the conference I just thought [IDA programs] were always there for people, but you have to fight for them."
What else did Sunny gain from the IDA?
"The IDA changed my mindset; after meeting other IDA holders, I saw how it was possible to build yourself back up again. I appreciate that there was a step-by-step program for this... Things that I learned stuck with me- I just bought a house! And I have a really high credit score. I’d say I’ve become hopeful."
Indeed, Sunny states financial literacy as the main reason she was able to purchase a home recently, in Oakland, California. This is perhaps one of Sunny's greatest accomplishments, given the amount of debt she once carried.
"[Financial literacy] gave me inspiration; ideas. Discipline in financial planning is extremely important- as is knowing where to cut spending and how spend and save properly. I realized that you just might end up with more than you thought you could achieve."
But Sunny is more humble about all her accomplishments:
“There’s so much to be thankful for. I have a house, a business and a wonderful community of social entrepreneurs. I’m thankful to have so many things to be thankful for. I’m thankful to have the power to control my own destiny. Despite what’s going on in the world, I still have a choice. I’m thankful I’m able to make sound financial decisions. I’m thankful for the education and mentorship that’s got me here. I feel most accomplished about having so many things to be thankful for.”
When asked what advice Sunny had for individuals in the future who didn't know where to start, in terms of saving and building assets, when faced with large amounts of debt, her advice was to take one day at a time. "It can be overwhelming to change the whole financial situation you’re in. My advice would be to identify one thing you can do first, and work on one thing at a time...It can be depressing and overwhelming to try to tackle all your financial problems at once until you work your way out of it and move forward. But you’ll be surprised by how far you get."
As far as individuals who feel like they can’t achieve what they want to given their resources, Sunny believes tenacity, regardless of your situation, can pull you through your debt and build you up.
"If it’s important enough for you, keep talking about it, to different people. Find support. Don’t let the fact that one person or one agency couldn’t help you stop you. If you can’t find a solution, then find a new business idea. But don’t give up. Keep trying."
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