Pedro Escobar’s journey is more than just a story of professional success; it’s a deeply personal account that intertwines his roots, challenges, and pursuit of the American Dream. Born in Brooklyn to Honduran immigrant parents with limited education, Pedro’s story begins with a modest upbringing. His parents, with no education beyond grade school, worked as a janitor and housekeeper during Pedro’s early years modeling a work ethic Pedro exudes today.
What is a Susu?
The Susu Lend story starts with a practical need: Pedro’s family needed to purchase a new refrigerator. Denied a loan at a local Sears, Pedro’s father reached out to their community and formed a susu, a lending community common in African and Hispanic cultures. A susu involves an informal savings club where members take turns contributing, a practice often used by those considered “unbanked” or “credit-invisible” in the traditional banking system.
“Unbanked” or “credit-invisible” refers to individuals or entities facing challenges accessing conventional banking services. Pedro empathizes with these individuals, understanding they are hardworking people deserving of opportunities for a better life. This empathy led to the creation of Susu Lend, driven by Pedro’s desire to assist individuals in accessing financial opportunities, whether for starting a business or meeting basic needs.
Pedro’s father’s first Susu venture was successful, leading to more, and eventually, the establishment of Wendy’s Grocery Store in New Jersey. Despite the family having to sell the store, Pedro credits his parents for instilling resilience and persistence in him. Eventually, his parents moved to Greenville, SC, and have since invested in real estate in the Upstate.
From IT to Business School, Surviving 2008
Pedro began his IT career in 2003. The challenges of the ’08-’10 recession led to losing his corporate IT job. In 2010, Pedro and his family moved to Greenville, SC, following in his parents’ footsteps. This move proved successful for Pedro’s career and his wife and children, who graduated from Clemson University. After successfully launching an IT consulting business in Greenville, Pedro returned to school and graduated with a degree in IT Business Management from Western Governors University in 2021. He kept the momentum going by enrolling in business school to focus on launching his next venture.
While pursuing an MBA at Cornell, Pedro turned his vision for Susu Lend into reality through a class project bringing in founders with varied backgrounds in finance, banking, and data science. Today, Susu Lend is a thriving company that completed its first cash beta. Pedro is working on a digital MVP with plans to launch the app in 2024. Recognizing the complexity of finance and legalities, Pedro diligently seeks advisors and investors to ensure compliance.
Accelerating Business in Cohort 2
In 2023, Pedro completed the NEXT Accelerator program as part of cohort 2. His story, empathy, and kindness made an impact on the entire group. His parents, who inspired him so much throughout his life, were able to come to his final presentation.
“The NEXT Accelerator was more than a typical startup program; it was a gateway to a thriving community of innovators, mentors, and experts. As the founder and CEO of Susu Lend, a fintech startup aimed at empowering the unbanked and credit invisible, I found unparalleled support and guidance here. The program managers and staff’s dedication and expertise were instrumental in refining our pitch, making it resonate more strongly with our audience. NEXT didn’t just help us grow; it connected us with mentors and partners who shared our vision. Any entrepreneur in Greenville looking for a supportive, dynamic environment would find NEXT an invaluable resource.” Pedro Escobar
Pedro is committed to addressing the trust deficit in his first target market by focusing on his roots. He understands the skepticism within communities, particularly toward institutions and banks, and believes that building trust is paramount for sustainable growth.
Bridging Cultural Gaps
Maintaining a strong connection to his Hispanic roots, Pedro envisions Susu Lend bridging cultural gaps. He acknowledges the challenges immigrants face and aims to fast-track financial stability, especially within the Hispanic community. Pedro’s personal touch extends to Susu Lend’s operations, where he incorporates cultural nuances into AI-driven decision-making. He imagines what AI can do with the cultural data he is collecting and how it can benefit other industries and companies in the future.
As Pedro continues raising funds and engaging research experts for Susu Lend, his journey is a source of inspiration. A living embodiment of the American dream, Pedro overcame challenges and actively empowered others through financial education. His involvement in the Hispanic Alliance and mentoring youth through the SDA program reflects his commitment to the community and nurturing future entrepreneurs. Pedro’s story, filled with personal details, stands as a beacon of hope for aspiring entrepreneurs facing adversity and striving to positively impact their communities.