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M&T Bank grants Spanish Blackbelt a $50,000 line of credit

Washington DC, August 20, 2010 — The Washington, D.C.-based Spanish language tutoring company Spanish Blackbelt was granted a $50,000 line of credit by Manufacturing and Traders Trust Company (M&T Bank). “The fact that M&T Bank decided to bet on our language school is a powerful sign that our business model is recognized as sustainable and that we seem to be going on the right direction” said Founder Nicolas Canales, noting that although this sum may seem small, it is one of the biggest a small business can be granted as part of the government-backed SBA Express loan program.

“This loan offers us a chance to improve our customer service even further...at a very low financial cost” said Canales. According to the loan terms approved by M&T Bank, an important part of these funds will be used to continue improving the quality of overall customer service experience and internal processes and systems.

M&T is the latest institution to provide financial backing to Spanish Blackbelt's operations. Three years ago, it was the Latino Economic Development Corporation that provided initial funding to Spanish Blackbelt's early stages. Then came Bank of America and UK-based Barclays Bank.

According to Canales, Spanish Black Belt’s timing as far as being granted this line of credit couldn't be better. “The Latino population in the US has reached over 48 million or 16% of the nation's total population, and more professionals and companies are very interested in learning Spanish so that they are able to target the Hispanic market,” he said. “Having bilingual employees that can relate to Hispanics would simply be a necessity in the years ahead.”

Spanish Blackbelt, a member of the Better Business Bureau, is a Spanish language institute specializing in highly effective tutoring programs that rapidly develop language skills and cultural background for success in business and life. The company provides one-on-one and small group courses tailored to children, teens and adults and boasts its own unique curriculum, which includes syllabi adapted to a wide variety of professions. Spanish Black Belt was founded in 2004 by Nicolas A. Canales and is now owned by Growing Fields, LLC, a leading Limited Liability Company servicing several states including New York, Massachusetts and Washington DC, among others.

To find out more about Spanish Black Belt or to apply for classes in any of the company’s service areas, go to www.spanishblackbelt.com.

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