The San Fernando Valley Financial Development Corporation (SFV-FDC) assisted in financing a $100,000 line of credit to a high fashion retail business located in West Hollywood. The LOC will be used for working capital and inventory.
The business is a women’s apparel boutique offering high-end exclusive, one-of-a-kind, or special occasion garments and accessories to affluent shoppers age 25 and up. The boutique also provides, personalized services such as custom fitting, tracking down special needs of its clients.
Based on track record and nature of the business, this loan request would have been declined with one or more parameters in the Bank’s credit policy not being met. However, by taking the owner’s residence and a STATE LOAN GUARANTEE, the deal was approved and funded.
The business received the LOC it needed to grow and the Bank gained a new banking relationship. A true win-win scenario!
Do you currently have a package that needs a cushion to make your bank more comfortable? Call us for a State guarantee!
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About SFV-FDC…
Our mission is to provide an effective vehicle for guaranteed lending through the California Small Business Loan Guarantee Program to small businesses in the San Fernando Valley, North Los Angeles and Eastern Ventura Counties.
The
California Loan Guarantee Program enables a small business to obtain a term
loan, line of credit, or letter of credit when it cannot otherwise qualify
for a loan. The Office of Small Business administers the program with the
primary
objective of creating and retaining jobs, as well as providing a service to
small businesses.
The program provides a lender with the necessary security, in the form of a guarantee, to approve a loan or line of credit. The guarantees are issued on behalf of the state by any of the non-profit corporations throughout California. These offices are called Small Business Financial Development Corporations (FDCs).
To learn how to make a deal work for you and your client, call Antonio
Pizano at (818) 834-9860 or check us out online at www.sfvfdc.org.
SFV-FDC: 12502 Van Nuys Blvd., Suite 119, Pacoima CA 91331
818.834.9860 tel * 818.897.8007 fax * www.sfvfdc.org