|
We’ve Moved! |
In this issue: • We’ve Moved!
• A Deal Made Possible
• Meet our New Team Member
• Mark your Calendars
• About SFV-FDC |
|||
|
||||
|
|
||||
|
A Deal Made Possible |
||||
|
The SFV-FDC guaranteed a Term Loan for a buy out of ownership interest of Torrance Health Club, Inc., a women’s sauna and spa which includes a shower and bathing facility. Mr. Paul Yoon, President of Torrance Health Club, Inc. owned 50% shares and when his partner decided to devote herself to operate her own company, he decided to buy out her interest and become the sole owner of Torrance Health Club, Inc.
Mr. Paul Yoon has been involved in the business since its inception in February 2002. The business is a women’s sauna that in Korea are called “Jjimjilbang” and “Hanjeungmak.” They have been very popular in Korea for |
|
|||
|
all people regardless of age or gender. Because of this, a high percentage of people in the Korean and Japanese communities in the local area (Torrance and Gardena) have shown great interest in this type of facility. The business has been very popular among Korean and Japanese women since its establishment in 2002. “Jjimjilbang” is a Korean style steam room where its temperature and the room condition can differ according to the diverse materials used for treatment. “Jjimjilbang” room in the subject facility uses thermo-therapy, increasing metabolism and relaxing the body. Even further, the business carries other services for those who want to enjoy their relaxation from everyday life. These services include: Body Scrubs, Body Massages, Acupressure, Special Body Massages, Salt Massages, Seaweed Massages, Aroma Massages, Moisture Massages, etc. |
||||
|
|
Mr. Ki Kim, from Mirae Bank approached the SFV-FDC with this loan prospect deal because it did not meet the Bank’s standard credit policy. The SFV-FDC provided the bank with a State Guarantee, thus allowing them to extend the credit requested by the borrower.
By using the State Loan Guarantee program, Mirae Bank was able to establish a new banking relationship they otherwise would not have attained. This was a true win-win situation. |
|||
|
Do you currently have a package that needs a State Guarantee to make your bank more comfortable? Then send it to us or call us at (818) 205-1770 to determine if a state guarantee will help your client get the financing they need. |
||||
|
|
Meet our New Team Member, Welmer Jurado |
|
|
|
The San Fernando Valley Financial Development Corporation (SFV-FDC) welcomes Mr. Welmer Jurado as our new Loan Officer. Mr. Jurado has 2 years of experience in the lending industry, primarily focused on underwriting. Mr. Jurado recently was working as BDO for the Capital Access Center where he focused on packaging SBA 7A, 504 and community express loans. Prior to that, Mr. Jurado was responsible for underwriting and maintaining an active pipeline for the Microloan department. In addition, Mr. Jurado partnered with Wells Fargo in Pacoima to help businesses in the Northeast Valley who needed technical and financial assistance. Mr. Jurado provides business technical assistance to small business owners & entrepreneurs and participates in Access to Capital workshops once a month hosted by VEDC. To contact Mr. Jurado please call him at (818) 205-1770 or e-mail him at wjurado@vedc.org.
|
Welmer Jurado, FDC’s new Loan Officer |
|
Mark your Calendars! |
||
|
|
||
|
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) 205-1785 or check us out online at http://www.sfvfdc.org.
|
SFV-FDC: 5121 Van Nuys Blvd. 3rd Floor, Van Nuys, CA 91405 (818) 205-1770 tel * (818) 205-1785 fax * http://www.sfvfdc.org
|