MHUW Savings Program Strengthens Family Business
July 2nd, 2009
Four-years-ago, Xochitl (SO-SHE) Hernandez-Alvarez opened her own party supplies store in Denver called ‘La Piñata Loca’, selling piñatas. Those colorful paper maché sculptures you often see at children’s birthday parties filled with candy.
Business was good right off the bat.
“I remember that my first piñata order was for a five-foot horse and then the second year a major order of 100 piñatas for the Mexican Consulate,” recalls Xochitl. “I even was asked to find Shamrock piñatas for the Irish Festival!”
Not long after that Hernandez-Alvarez says business tapered off to a trickle. She was worried that she would lose her store. Then one day, she heard about a small business owners’ event in her neighborhood and figured she had nothing to lose by attending.
It was at that event that she met Margarita Ruiz from Mile High United Way and where she learned about the Individual Development Account or IDA program. These matched savings accounts enable hardworking Coloradans to save money for post-secondary education, a down payment on a home or starting a small business.
IDAs provide $4 for every $1 saved, and savers must complete basic financial education courses as well as additional classes related to their savings goal.
With Margarita’s encouragement, Xochitl applied immediately.
“I saw it as the way to save the business,” she says.
Over the next few months, Xochitl saved what she could. She attended the business and financial education classes. She even developed a business plan. Then the day came for her first withdrawal from the account.
“I couldn’t believe it,” says Hernandez-Alvarez. “I remember opening the check over and over again!”
Xochitl used that first check to stock her store. And, she’s been saving through her IDA ever since.
“Now, every penny that comes in is a penny that can be saved,” she says.
Last year, ‘La Piñata Loca’ won a Westword Best of Award as, “The Best Place In Denver To Buy A Piñata And To Get A Divorce”.
Turns out, Xochitl found a unique way to diversify her business. She is also qualified to assist couples with the paperwork needed to file for divorce.
“You file for divorce, you get a free piñata,” Xochitl says.







A packed house of more than 150 greeted Qwest Chairman and CEO, Ed Mueller at Mile High United Way’s First Tuesday Breakfast at the Four Points Sheraton on Tuesday, May 12, 2009.
“I still have joy, “says Anthony Sims.
“I got my GED in 1995 and, now, in 2009, I’m earning my Bachelor’s degree,” says Mercedes.