We’re excited to introduce you to the always interesting and insightful John Barnes. We hope you’ll enjoy our conversation with John below.

John, thanks for taking the time to share your stories with us today How did you come up with the idea for your business?

Since I was younger, I’ve always been fascinated by money. I used to count my money almost every night with my coin wrapping machine. However, I also grew up hearing about everyone else’s money troubles, which prompted me to become financially adept at a young age. That said, because I naturally had money to loan out I would lend money to friends and family. It wasn’t until about 2019 when I read “Rich Dad Poor Dad” by Robert Kiyosaki that I realized I had been doing it all wrong. Robert tells us that if we loan money out then we should get a return on it (period). Reading that got my wheels turning, because, well, why not? If I’m providing a service then I should have a return on this as well. Not to mention I get to help someone solve an issue and avoid having their credit ran or being denied because of credit. I decided early on that I would only charge a simple interest of 10% because it just seemed fair to me. The name “Froans” came as a play on the word “frate,” which is a word my sister used to describe a “friend date.” I took that and applied it to loans, thus “Froans” was born as a way to help friends and family who are short on cash maintain a peace of mind. Since it’s inception in 2020 we have sent out over $60,000 in froans. In 2023 we added on more financial services such as financial literacy workshops and consulting.

As always, we appreciate you sharing your insights and we’ve got a few more questions for you, but before we get to all of that can you take a minute to introduce yourself and give our readers some of your back background and context?

About self: My name is John Barnes. I consider myself to be your average, proud American, and multipotentialite, Some of my interests are learning, financial freedom, law of attraction, acting, modeling, singing, content creating, problem solving, and swimming. I grew up in Little Rock, AR, but after I graduated with a B.S. in Biology (2015) I moved to New Orleans, LA (2016) where I started working in HIV/STI prevention at Brotherhood, Inc.

I got my entrepreneurial bug from both of my parents. Growing up, my mom had her own clothing line and my dad owned real estate. I always had an interest in money, but I never thought to work in financial services until I was already an adult. Looking back, it makes the most sense because I love problem solving and money, and since I had an earlier understanding of money management than most of my peers, it put me in a position to help others that don’t have the same level of understanding (yet).

At Froans, LLC our financial services include short term micro loans and financial consulting (primarily money management, credit, and wealth building). Although we “need” money to live, I’m not motivated by money, I’m motivated by the gratitude felt and expressed by clients when I’m able to successfully help them worry less about money. I truly believe the less we worry the more we’re able to focus energy on fixing our situation.

What I’m most proud of is the fact that Froans has been able to lend over $60,000 to date and help people do things like pay the remaining balance at their school so they can advance to the next step in becoming a chiropractor or help a startup founder have operational funds while their company is experiencing a minor gap in funding. These two things could cause a person stress, but Froans is here to help alleviate financial stress as much as possible. I want people to know that Froans practices conscious capitalism because we understand that “life happens” and we’re here to help. Lastly, we believe financial literacy is the modern “learning how to read,” therefore being the next step for the advancement of Black People.

Can you talk to us about how your funded your business?

Fortunately for me I didn’t have a need for much overhead costs, so I was able to fund my business with my own capital. I started Froans off with $2,000 and as people paid froans plus their interest, I reinvested it into the company and let it grow and become sustainable.

Are there any books, videos or other content that you feel have meaningfully impacted your thinking?

Law of Attraction (Abraham Hicks). Think and Grow Rich (Napoleon Hill). Rich Dad Poor Dad (Robert Kiyosaki). Atomic Habits (James Clear). Black Wealth Renaissance (podcast).

Contact Info:

• Website: www.Froans.com
• Instagram: www.instagram.com/therealjohnbarnes
• Facebook: www.facebook.com/zomgitzjohn

Image Credits
LaQuann Dawson Brandon Dykes