Empowering a Family Business to Thrive: JM Custom Iron Work
Juan Morales started JM Custom Iron Work, a Phoenix ironwork business, to establish stability for his family. But his sight was set higher than that, he dreamed of watching his sons achieve a college education while setting their family up to build generational wealth. Now, after 10 years, his three sons are co-owners armed with master’s degrees in mechanical engineering.
Together, the four Morales family members create custom-fabricated gates, fences, staircases and more crafting beautiful unique designs with functionality.
“The stuff that most people turn away from is where we welcome those types of jobs,” said Eugenio Morales, co-owner. “We just moved into a new piece of vacant land, so we’re looking to set up more welding tables and make our process more efficient.”
While they aimed to expand their business further, as immigrants they faced challenges. With resilient determination, they looked to their community network to find resources for growth. That’s when they discovered a new opportunity!
Open for Business Program & Partnership
A powerful partnership between a Community Development Financial Institution, a local chamber and a national investor had recently been forged to close disparity gaps for small businesses like theirs.
When we break down long-lasting barriers navigating financial and technical support and accessing capital, our entire country benefits. In fact, according to the Latino Business Network, the U.S. economy can grow by $3.3 Trillion by 2030 if Latino entrepreneurs receive fair access.
Beyond these numbers, every time our Raza Development Fund team supports a small business, we watch as they maximize our investments expanding further while supporting others in their communities. At RDF, we believe in the potential of our entrepreneurs.
Our partners at Wells Fargo agree! Wells Fargo created the Open for Business Program awarding grant funds to RDF to support small businesses in core markets that lack equitable access to capital. Our RDF team then connected with five, non-profit community-based organizations that have built solid trusting relationships with their small business communities, including our valued partners at the Arizona Hispanic Chamber of Commerce.
In a collaborative effort, we equipped JM Custom Iron Work, and other small businesses with micro-loan funding to help these entrepreneurs scale their growth.
JM Custom Iron Work Thrives
With the funds, the Morales co-owners expanded their equipment and right away began adding more services, realizing their vision to create more jobs and give back to the community.
“My hope is to be able to grow this into an even bigger company to be able to provide jobs to many more people, get more employees and indirectly give more jobs to other trades as we start taking on jobs that are more complicated that require a carpenter or a mason. Hopefully we can provide to the community in that way as well,” said Eugenio Morales.
Today, they are forging long-term prosperity for the future generations of the Morales family.
