Building Wealth for your Business with Hector Perdomo [Video]

The meeting began with Keith Humes introducing Hector Perdomo, a successful serial entrepreneur with a passion for financial literacy. Hector shared his personal journey and commitment to helping entrepreneurs and musicians achieve financial independence through financial literacy and business funding. He emphasized the importance of building business credibility, obtaining funding, and managing credit utilization to maximize approval chances. Perdomo provided valuable insights into different funding products, such as business credit cards, lines of credit, term loans, and SBA loans, and explained the impact of credit utilization on credit scores.
The discussion also touched on credit card utilization tactics, including the concept of leaving a small balance on credit cards to benefit from the bank’s perspective and strategies for obtaining credit limit increases. Hector Perdomo passionately advocated for leveraging debt as a means to accelerate business growth, drawing on personal experiences and examples from successful entrepreneurs. He also discussed the strategic importance of establishing both nonprofit and for-profit entities, emphasizing the potential for accessing grants and securing funding by having both types of organizations.
The meeting also included discussions on the structuring of LLCs under non-profits, the use of a leased car for business purposes, and the benefits of becoming certified as a minority-owned business. Hector Perdomo provided detailed insights into the risks of commingling funds and the potential consequences for non-profit status, highlighting the need for caution and careful handling of finances. He also offered to connect the group with consultants who can assist with the certification process, emphasizing the potential for accessing additional financing and business opportunities.
Keith Humes concluded the meeting by encouraging attendees to join the Halfway House Mastermind Training Facebook group and stressing the significance of organizing and collecting data to make a positive impact on marginalized communities. He shared success stories about individuals being recommended to specific programs and emphasized the importance of treating people with care and support to reduce recidivism. The meeting concluded with a prayer and well wishes from the attendees.