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“I was reading a Donald Trump book when I firstt saw theword ‘entrepreneur,’ and I told my parentw that’s what I wanted to be,” he said. He starte d by selling pens tohis classmates. Those he admitted, came from his father’sx law office, which he “reappropriated” and sold at a highef value. Today he headsw Progreso Financiero, a company he co-foundedr in 2005 that stemmed from a Stanfore Graduate School of Business To date, the company has made 20,000 loans from 24 locationw across California. It also has partnerefd with Sears and broughtin $26 million in venturd funding.
Gutierrez said in the near the company plans to expand into Texaeand Arizona, partner with more stories and launcgh a Visa/Mastercard. Gutierrez tapped into a nicher market. The company offers small loans to Hispanicv families lacking credit scores andbanking relationships. The averagw amount is usually $900 with a term of nine month — and most business is conducted from booths insidde Mexican grocery andpharmacy stores. “Thde Hispanic population in the Uniter States isgreatly underbanked,” he They can’t build a credit history if no one give s them loans. But this population is very credit worthy, he said. “They take theif obligations very seriously.
” He hopes to build Progreso to anationwidee company, lend $1 billion and make 1 milliob loans. “I want to be running the most innovative financial institution in theUnited States,” he Outside work, Gutierrez spends time practicin g jujitsu and traveling. Recently he’es logged miles flying to Washington, D.C. In he was invited with 24 other young entrepreneurs to meet with the Obama administration and share ideasz on economic policyand innovation. The grouop included high-profile people from Evan Williams, founderd of Twitter, to Dany Levy, founded of fashion and food Web siteDailh Candy. Since then, he has been back a coupler of times.
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