Home > Success Stories

MORE SUCCESS STORIES

Featured Stories:

Josefina and Ahmed
A Manufacturing Company

Josefina and Ahmed Alsourougi
Josie's Angel Childcare
Client since 2005

Josefina and Ahmed started Josie's Angel Childcare four years ago. After all their children moved out of the house, they thought of a way to not only avoid the Òempty nestÓ syndrome, but most of all fuse their love of taking care of children and their entrepreneurial sprit. The couple always wanted to start a business, and it was also convenient that they get to stay at home. They then renovated their house to accommodate a childcare facility, complete with a small classroom, sleeping area, and playground. However, as the business grew, and more children enrolled in the daycare, they needed additional funds to provide supplies and equipment for the growing business.

When they found out about the IDA program they quickly enrolled, eager for the opportunity to enhance their business skills and capital through the training and saving components. Upon completion of the training classes and having achieved their savings goal, they qualified to make their long anticipated purchases. The couple, wanting to capitalize on their asset purchases, bought new educational toys and office equipment, and renovated the kitchen. The kitchen is one of the most utilized areas in the childcare, three meals and two snacks a day are prepared and served there. A new stove, microwave, and refrigerator has made it easier and more cost-effective to feed the 12 children in the childcare. The new printer and copier have saved them money as they no longer have to go to Kinkos to get their copies done. The copier has been really useful in photocopying materials for the kidsÕ activities and projects. The parents of the children have also noticed the new educational toys and equipment in the childcare, and are more confident in the capacity and ability of the daycare. Because of the IDA program, they have found that they are able to provide better services for their clientsÕ kids. The owner commented, "The IDA program has been so helpful for my business as it has helped my business improve and grow."

Back to the top

A Manufacturing Company
(Decorator items)
Founded in June 2003
Client since March 2005

Zhang came to the Chinatown Service Center (CSC) to seek assistance on his intent to purchase commercial real estate (a warehouse) for his business, which is a rapidly growing company specialized in designing, manufacturing, and wholesaling themed decor and gift items throughout the United States.

The company was founded in June 2003 and had already surpassed the $5 million sales milestone in early 2005 when Zhang first contacted our program. In order to better accommodate its rapid growth, Zhang envisioned the purchase of a company warehouse as a long-term investment.

During this time, warehouse prices sky-rocketed from the initial $2.5 million to about $5 million in 2007. After 2 years of warehouse hunting and financial preparation, our program was able to assist Zhang acquire a brand-new warehouse facility with 50,000 square foot in Rancho Cucamonga in April 2007. Counselor Joyce provided our client with encouragement, support, and technical assistance. Services provided include:

• Act as liaison between client and United Commercial Bank
• Working with the company's accounting and tax records
• Loan packaging and preparation
• Intensive business training
  • Access to Capital 3/2005
  • Entrepreneurial Training Program 6/2005, numerous speakers from banking and other supporter
• Assistance and advice on locating potential commercial real estate properties
• Networking opportunities with fellow entrepreneurs

Economic Impacts:

• Rapid business expansion:
  • Sales growth from $5 million in 2004 to $6.8 million in 2005 to $7.9 million in 2006;
    • 58% sales increase in 24 months.
  • Job creation from 4 FT jobs to 13 FT jobs from 2004 to 2007 o Moving into new facility in May 2007
• Additional owner's investment of $482K for real estate purchase
• Increase in business assets: commercial warehouse worth $4.8 million in Rancho Cucamonga
• Access to capital:
  • SBA 504 loan $1,928K
  • Commercial bank loan of $2,410K
  • Business line-of-credit $1 million (from another bank)

Zhang has since graduated from being a client of the Small Business Program to being a mentor and a community partner. Steven gladly shared his entrepreneurial experience and secrets to success with fellow students at the Entrepreneurial Training Program in June 2006. In addition, Steven supported CSCÕs annual fund-raising dinner. Steven is very grateful of the continuous assistance and guidance from both CSC Counselor Joyce Chan as well as the bank's SBA banker. With the help from both parties, the company is now able to reach a whole new horizon, looking at a very bright and prosperous future.

Back to the top