Financial Education Changes Lives

Maria Luisa Sim’s life journey has been nothing short of extraordinary.  Born in Guatemala, she faced numerous challenges when she first immigrated to the U.S. Navigating financial struggles, language barriers, and the responsibilities of motherhood, her path was anything but straightforward. Driven by determination and the need to provide for her family, Maria entered the world of business. 

After managing a successful housekeeping company for several years, she suffered an injury that forced her to rethink her career path. Maria dedicated herself to higher education, mastering the English language and the complex financial systems in the U.S. After earning degrees in accounting and business administration, she established a new enterprise, Prospoly, to empower underserved communities through business and financial coaching.

Through her company, Prospoly, Maria Luisa Sim provides financial coaching to small business owners.

Despite her extensive education, setting up Prospoly was anything but easy. She was overwhelmed with permits, taxes, and regulatory compliance. "I had an accounting degree, a business administration degree, and experience running a business, yet I still couldn't figure out all this paperwork," Maria recounted. It was an ‘aha’ moment that illuminated the struggles many small business owners face, particularly those from immigrant backgrounds like hers.

Maria believes that education can change lives. Her commitment to supporting entrepreneurs led to her involvement with LISC LA’s Asset Building for Communities of Color (ABC) program. With support from Wells Fargo, ABC offers flexible capital and technical assistance (TA) needed for small businesses in Los Angeles County to grow, create jobs, and generate wealth. Her background, education, and firsthand experience allows her to guide others through similar challenges.

As an ABC TA provider, Maria helps business owners prepare the financial documents required to apply for capital. She emphasizes the importance of preparation and transparency so that small businesses have the best possible chance to receive an investment.
Reflecting on her journey and the lessons learned, Maria offers three critical pieces of advice for businesses seeking capital:

1.    Transparency: Be open about your financials. Concealing income can prevent access to needed funds.
2.    Documentation: Maintain thorough documentation. This proves invaluable for loan applications and audits.
3.    Proactive Engagement: Don’t hesitate to seek help. Utilize consultants and financial advisors to fill knowledge gaps and enhance your business’s potential.

Maria’s story is not just about personal triumph but also about how she transfers her knowledge to empower and assist others. This Financial Capability Month, we recognize the impact of accessible financial education on individuals and communities. 

If you’re a small business owner interested in learning about the ABC program, click here.