ANGELINA VELÁZQUEZ, OWNER OF JELLO FANTASY, ISN’T AFRAID TO ASK FOR HELP

Local lender and technical assistance provider help retailer expand during pandemic

Post Date:02/22/2022 4:30 PM

Jello Fantasy is a San Jose-based business that sells artistic, gelatin-based desserts along with molds, food colorings, and supplies to make beautiful desserts at home. Jello Fantasy also provides online classes and workshops on baking, cake decorating, and how to make hand-painted jellies, spherical cupcakes, and much more.

The business was founded by San Jose resident Angelina Velázquez, who learned about making desserts when she lived in Mexico. Angelina worked as an administrator in a health clinic during the day, and when she wasn’t working, she always made time for classes. She loved learning new things, but a cooking class about how to make gelatin treats with colorful flowers inside really made an impression. After completing the course, she began experimenting with different designs and colors, and she started selling the treats to friends and coworkers. The entrepreneurial seed was planted.

After moving to the U.S., Angelina worked in supermarkets where she learned about sales and merchandizing, but she had to put her dessert making aspirations on the side, because she didn’t know where to purchase supplies. In 2009, however, she saw a notice for a class offered by Chef Nelly from Mexico. Angelina took the class, which led her to a product distributor. Her passion was reignited, and Jello Fantasy was born.

Angelina’s trajectory is similar to that of many small business owners. First, she operated her business out of her home, and when it became too big for her home, she needed to find a brick-and-mortar retail location. She also needed to access capital to grow the business.

TMC CC is a women-led, CDFI-certified, nonprofit organization founded in 2019 to provide fast, fair, efficient access to microloans to low-income entrepreneurs throughout California. TMC CC has already helped 941 small businesses access $9M in grants and microloans. 88% were provided to entrepreneurs of color, and 67% were made to women.

“We created TMC Community Capital because wanted to give small businesses anywhere in the state access to affordable loans and a safe alternative to predatory online lenders,” said Hanna Leen, Program Director, TMC Community Capital. “By working with partners like Yacanex, we know that our small business borrowers will continue to receive the support they need to succeed.”

 “People have to fight for their dreams.”

According to the Department of Commerce, “minority-owned businesses drive the creation of well-paying jobs, serve as anchors in their communities, and grow faster than non-minority-owned businesses.” A State of Latino Entrepreneurship 2020 report shows that Latinos are starting businesses at a faster rate than the national average, and yet Latino entrepreneurs have limited access to conventional financing and are more likely to seek funding from sources that expose them to personal financial risk.

The key to succeeding in the face of these challenges, according to Angelina, “not to be fearful, and not to be afraid to ask for help.”

“If you want to grow and be successful, you will have to eventually access a loan for your business,” said Angelina. “A lot of people who are undocumented are afraid to ask for help or afraid to access these loan products, but people have to fight for their dreams.”

Taking her own advice, Angelina went to went to Yacanex Community for help. Yacanex and its partner organization, Yacanex Business Group, provide education and business support services to Spanish-speaking entrepreneurs. Yacanex helped Angelina with accounting, bookkeeping, payroll, and ecommerce. They also introduced her to TMC Community Capital (TMC CC) to apply for a loan to pay for inventory and a new laptop to improve her online classes. Angelina’s loan application was approved in just two weeks.

“We found a great partner in TMC Community Capital, which offers low-interest loans including to those who are ITIN holders,” said Yacanex Posadas, Founder, Yacanex Community. “Many Latino entrepreneurs have the false sense that you need to have a social security number to start a business, but that’s not true. You can start one with an ITIN. Knowing this brings people out of the shadows and allows them to formalize their businesses.”

 “I would point out that there are a ton of resources for people, but it takes time,” he said. “At the end of the day, we’re here to help.”  

 To hear Angelina tell her story in Spanish, please see the video on our YouTube channel.