Caraballo Creates Financial Ascension for Small Businesses

When Franklin first immigrated to the Boston from the Dominican Republic, he found himself in a growing Hispanic immigrant community filled with small businesses. “These small businesses contributed to the community, provided job opportunities, and generated income, but they severely lacked the resources needed to help with financial independence, accounting, and education. Not only were those resources hard to come by, but they were also almost impossible to find in Spanish.”

As a CPA in the Dominican Republic, Franklin owns an accounting firm that specialized in helping entrepreneurs and small business owners. He wanted to do the same for his community in Boston and began working as a mentor and volunteer with Hispanic small businesses, at no cost to them. He helped them with their taxes, financial education, and through offering innovative ways to improve their businesses.

FROM MENTOR TO MULTI-BUSINESS OWNER

In 2019, Franklin decided to create his own accounting firm, Caraballo Accounting. “I was working with a local firm, but I wanted to do more. The only organization I felt could help me start was Ascendus. They spoke Spanish fluently and knew what I needed.” Franklin was referred to Ascendus through Eastern Bank. Through his $5,000 loan, he bought a computer and basic utilities.

Because of Franklin’s dedication to his community, he continued to offer advice and services free of charge to small businesses who were unable to afford it. “Minority small businesses work so hard, and they are one of the biggest economies, but they don’t receive the resources they need.”

When the COVID-19 pandemic hit, Franklin had to transition from offering his services in person to offering them online. He reached out to Ascendus and received a $5,000 Payment Protection Program loan to keep his business running.

Because Franklin could continue operating throughout the pandemic, his business grew exponentially. In 2021 he received a $35,000 loan from Ascendus through the Wells Fargo Open for Business Fund. He expanded his services and created two new companies, Caraballo Professional Development that focused on business education, training, labor competency, and workshops and Caraballo Payroll, that focused on HR and Benefits.

EXPANDING THE FOCUS ON SMALL BUSINESS DEVELOPMENT

“I understand the reality and difficulties of an immigrant, their culture and what they’re after. I can advocate for them because I was in their place, and I can teach them, so they understand the laws and regulations. That way, they can grow and develop not only their businesses but themselves.”

Franklin is one of the only accounting firms in his area to offer programs both in Spanish and in English. He focuses on individuals and how they can advocate for themselves and grow professionally, and he creates a network of Hispanic small business owners in his community.

In 2022, Franklin reached out to Ascendus again and received a $100,000 loan through the Grow with Google Fund. He used it to purchase and expand his office space, hire two new employees to help him with the growth of his three businesses, develop new education programs, and expand his advertising and marketing. Most of his employees are immigrants. “The best part is seeing our clients grow, we are still open because of the referrals from our clients.”

Franklin works with clients throughout the state, and works with Boston Impact, the Small Business Administration, the SBDC, the Department of Education in Massachusetts, and the Secretary of Labor. “I am dedicated to creating opportunities within the Spanish community, and to helping their small businesses grow and gain financial strength and education.”

This interview was conducted with the help of Gisselle Marmolejos, the Operations Director of Caraballo Accounting. She has over ten years of experience working with the entrepreneurs of color business community within the business operation & governmental relations administration. Her background at the Small Business Development Center SBDC and the NJ Statewide Hispanic Chamber of commerce (along with many other business entities, organizations, and nonprofits) gives her the experience to help small businesses exceed their goals. She is an invaluable asset to Caraballo Accounting.

To learn more about Caraballo Accounting, visit: https://caraballoaccounting.com/