Acomes, Inc. 11040 Santa Monica Blvd., #310 Los Angeles, CA 90025 www.acomes.com
Mr. Nishimura, a native of Japan, came to the Asian Pacific Islander Small Business Program (API SBP) for assistance in loan packaging for expansion of his Los Angeles based business. His online retail store sells English language learning tools and seasonal merchandise featuring overnight product shipment. 99% of his sales come from Asia, 93% from Japan. A Business Counselor from Little Tokyo Service Center, an API SBP partner, assisted Mr. Nishimura.
The Business Counselor approached a number of banks to gauge their interest, but they hesitated because of the difficulty of assessing an overseas market demand for retail products and skepticism of on-line businesses in general. Eventually, Hanmi Bank, which was familiar with the API SBP reputation for thorough client coaching, assigned Loan Officer Young Song to review this particular case. Mr. Song invested time in a site visit. Mr. Nishimura elaborated on his business operations and expansion plan through the translation help of the Business Counselor. Mr. Song reviewed the impressive accuracy of Mr. Nishimura’s previous revenue forecasts of sales growth, knowledge of consumer trends, and business operation structure. Mr. Song agreed to accept a loan package and take it to his loan committee.
The LTSC Business Counselor helped the client to gather and submit all the necessary paperwork to complete the loan application the following week. Within a few days, the client was approved for a $200,000 loan and received the funds the next day. With the infusion of this new working capital, the client implemented his expansion plans including a larger inventory and quicker turnaround from receipt of order to shipping. LTSC’s Business Counselor works to help entrepreneurs like Mr. Nishimura improve their businesses and in doing so helps revitalize the local economy.
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