Henok Tesfaye; The Parking Lot Attendant who became a CEO
The story of how a 16-year-old immigrant, a college parking job, and an enduring entrepreneurial vision grew into one of Washington's leading parking companies.
There was no way the young Henok Tesfaye could have known what awaited him when he left Ethiopia at 16. His circumstances promised little, but hope and a belief in his own future kept him moving forward.
As a young immigrant in the United States, Tesfaye held tightly to his dreams. While attending college, he took a job at a parking lot in downtown Washington to help pay for his education. Even then, his ambitions extended beyond the job in front of him.
While I was working, my mind always wanted to open my own business.
At 24, Tesfaye had saved enough to rent a parking lot near 12th and U Streets NW for $800 a month. The surrounding block was considered rough at the time, and only a small number of customers wanted to park there. He adapted by turning half of the space into a used-car lot, buying a few vehicles at nearby auctions and selling them to generate enough income to pay his bills.
The turning point
Tesfaye knew the initial success was not enough to finance his larger vision. He approached several banks for loans, but each gave him the same answer: he had not been in business long enough to establish the required history. The rejections did not persuade him to give up.
A few years later, a prospective car buyer asked to finance a purchase through the Ethiopian Community Development Council's Enterprise Development Group. The conversation introduced Tesfaye to a microfinance program he had not known existed. He contacted the group and explained his plans to bid on parking contracts and establish a second used-car location.
After reviewing the same business plan that conventional banks had rejected, the organization approved a $35,000 loan in 2003. Tesfaye used three vehicles as collateral. The financing allowed him to acquire additional cars and open a second small dealership in Bladensburg.
Building USP
As the car business grew, Tesfaye created employment opportunities for family members and other immigrants arriving in Washington. He went on to become President and CEO of U Street Parking, Inc., the company he founded with his brother as a family operation in 1998.
Under his leadership, USP grew from four employees to more than 600 and became a major operator in the competitive Washington parking market. Tesfaye and his story have appeared in The Washington Post, CNN, Voice of America, and numerous Ethiopian publications.
A District of Columbia entrepreneurial success story, a savvy and focused businessman in good standing with the community.
Leadership beyond business
Tesfaye has served on the boards of Shaw Main Streets and Capital Bank and has participated in civic and professional organizations including the DC Chamber of Commerce, the 9th Street Business Association, the Enterprise Development Group, and the National Parking Association.
He has also chaired the Mary Joy Foundation, a nonprofit organization that supports children and older adults in Ethiopia. His parking operation has managed major facilities across the Washington region, including sites serving the convention center, baseball stadium, and Reagan National Airport.
Tesfaye's journey is a story of a dream protected through rejection, resourcefulness, and years of deliberate work. It is also an enduring reminder of what can grow from hope when it is matched by persistence.