CLIENT SUCCESS AND TESTIMONIALS
Ms. Ronni Mannis is the entrepreneur founder of SocialiSing LLC, a unique learning flex space to be located in Little Tokyo, downtown Los Angeles. By obtaining a $50,000 SBA microloan loan for new space improvements, pre-launch marketing, and working capital, Ms. Mannis can now fulfill her dream of discovering and nurturing more young talent for a performing arts future.
Completing the transformation of a creative flex space into an inspiring atmosphere is a critical first impression to parents and talent seeking a performance career. This unique flex space will also be the home of obsesSing, retail we love, and dresSing, a small lovingly curated vintage performance clothing boutique for those cultivating their performance persona, and teaSing, for tea elixirs and healthy energy snacks.
SocialiSing is located in the Little Tokyo District of Downtown Los Angeles. Ms. Mannis is a passionate 17 year vocal performance coach with a 20+ year background in talent management. In January 2020, she knew she would need additional capital to see her business dream come true. After meeting with a banker from Bank of America, the banker referred Ms. Mannis to the PACE Business Development Center. The banker didn’t have a product that would fit Ronnis’ situation but knew that she would be in good hands with Business Counselor Manager Ms. Wai-Ling Chin.
Wai-Ling helped review Ronni’s business plan, her cash flow, and helped analyze her situation. She walked her through the entire process to obtain a $50,000 SBA loan. This allowed Ronni to secure a turn-key physical learning center location in the heart of the Little Tokyo District near the Downtown Los Angeles Historic Broadway District, a new hot-bed for performing arts venues. This small business loan will allow her to open a fully functional and inspiring creative space employing a staff of three (including herself) for young future talent to call a second home as they pursue their performance passions. We know her business will be a great success as the demand for creative art programs are on the rise!
From Mural Artist to Painting Contractor Ikuto England secured a $20,000 SBA Microloan for working capital. Ikuto has been in the painting industry for over 15 years, starting out as a mural painter at the various colleges in Los Angeles. He soon found himself painting commercial buildings on his many projects. In 2017, he decided it was time to start his own business, Aesthetix Painting. Like many contractors, Ikuto bootstrapped the business by using high-interest credit cards to finance his projects. In early 2019, Ikuto had the opportunity to bid on a contract with the Los Angeles Community College District (LACCD).
He knew he needed help and he was referred to Wai-Ling Chin, Business Counseling Manager under PACE. She helped analyze his business financials and realized he needed help. He had a substantial credit card balance that needed to be reduced to improve his credit score and debt ratio. Wai-Ling helped him apply for an SBA Microloan to be used as working capital. This type of loan allows Mr. England to have a fixed monthly payment at a reasonable interest rate. Wai-Ling worked with him throughout the entire loan process and he was approved in March 2019 for $20,000. Aesthetix Painting was subsequently awarded a contract with the LACCD to paint doors and jams on 6 campuses! The $20,000 working capital loan has help him complete the LACCD project. This contract also helped create 5 full-time jobs in Los Angeles.
Husband and wife Francois Blaignan and Sirinun Ploadpilew (a Thailand native and singing teacher very active in the Thai community of Los Angeles) obtained a $50,000 SBA Microloan to complete their studio build-out and refinance their high-interest debt. Since 2006, Francois and Sirinun have owned and operated Tinitus Inc. In addition to Sirinun’s lengthy experience as a Los Angeles voice coach, Francois contributes almost 30 years in the music industry, having worked in the sound department of different movies since the 1990s. Since 2000, Francois has developed an expertise in TV commercials contracting notably with well known companies such as Apple, Beats, Nike and Uber. Francois has also secured numerous feature film and music production projects. In 2002, Francois and Sirinun purchased their current building that housed four potential recording studios with two completed soon after purchase.
Due to the high interest credit card debt used to initially fund the partial completion of their recording studio renovations, it was difficult for the company to grow quickly. They knew they needed help to grow the revenue for Tinitus Inc. when Francois attended a PACE Access to Capital workshop and met with Bo Sivanunsakul, loan manager at the BusinessSource Central West Region in November 2018. Since then, Bo helped them with reviewing their business cash flow and financial statements. Bo made cash flow projections to show how much they would be able to afford and what financing options are available to them. Bo walked Francois and Sirinun through the entire loan process. Francois and Sirinun finalized the loan process in February 2019. With the additional capital, they have since completed the needed recording studio renovations. The savings from refinancing high interest debt and the increase in revenue from the additional studio space has made Tinitus Inc a strong business serving the Los Angeles entertainment industry!
Genessy Management and Development, LLC
Mrs. Genny Alberts with Phuong Le at her office in Los Angeles, CA.
Mrs. Genny Alberts is a Los Angeles businesswoman with a big heart for helping low income people in her communities. In 1989, Mrs. Genny Alberts started working with affordable housing, and in 2005, Genessy Management and Development LLC was formed to dedicate its services to the management of residential buildings for homeless, very low-income individuals and families. Currently, the company has 10 non-profits among its clients. Eighty percent (80%) of the management housing inventory is for low-income families
The business was doing very well under her son’s management. However, on August 21, 2015 he passed away in a fatal car accident. This moment nearly destroyed her life. She could not focus on the business, and the business began to slide downhill. She almost gave up the business, but she kept thinking of her purpose. She thought of all the low income clients who needed help from her, so she began to fix the business from the bottom up
Due to the tragedy, she had mounting account receivable which needed to be collected since last year. In November 2016, she needed money to pay her workers, so she borrowed $102,335 from a hard money lender at a very high interest rate pay with $670.00 on a daily basis for a term of 220 days adding up to $$20,100.00 per month. The total payment of the loan amounted to 45% interest . At this rate, it ate away all her revenue that she allocated for other critical business expenses.
As the high interest rates and payment mounted, Genny again thought of letting it go. Fortunately, she met Phuong Le, a loan counselor at the BusinessSource Center – Central West Region operated by PACE. Since 1993, PACE has provided technical assistance and access to capital to over 37,000 Los Angeles entrepreneurs and small businesses. She connected with Phuong at a meeting held at Pico Union Housing Corporation, a non-profit organization that helps low income people with housing services, empowers small business in the area and provides social and educational programs for the community to make them self-sufficient.
Phoung, found a suitable banker committed to serve the small business communities providing small business loans and as a result got their company a loan to stabilize the business and keep all employees and continue providing affordable housing for low income families. Mr. Phuong, helped her to work with PACE’s bank partner, First General Bank for a total small business loan of $650,000.
Since her business is getting back to track, she wants to expand her business to open a non-profit organization to serve the community better. She is being signed up for PACE’s mentoring business program, and schedule for a series of consultation meetings with Pace’s business specialist to guide her on how to augment the business to create more employment and offer more affordable housing to the community.
Genny again spends her time to support her beloved low-income tenants instead of retiring at her 70. Her organization has 23 full-time employees, and 40 part-time employees. She is looking to hire more soon!
Derek Nowicki, Founder of Knowiki Web Design
As a young man, Derek Nowicki joined the Navy when he realized that college wasn’t going to be an option. After the Navy, Derek took a job writing programs for the electronic controls in air conditioning systems. His ability to self-teach and his intense interest allowed him to expand my skill set to include web development. He made the decision to use my GI Bill money to go back to school and study computer science.
He contemplated about starting a business in September of 2015 after an internship at a robotics company ended. The business idea came to him that he could do web development in between semesters of school. He contacted the SBA and spoke to their veteran’s business specialist and he was referred to PACE. He met with Swann Do and within 3 months he founded Knowiki Web Design in January 2016. Knowiki Web Design offers custom website design and development services from small portfolio sites to big enterprise solutions. PACE has been instrumental in helping his business and the Entrepreneur Training Program (ETP) was essential to having a successful startup.
“The thought of owning a business was intimidating. It felt like a whole other world that I knew nothing about. What I liked most about the ETP was that the program takes you through the business plan step by step, and in the end you have an outline for your business plan. It was exciting when I got my first draft written and I went over it with Swann. I have also come to PACE for the free legal workshops, which have been immensely helpful in helping me understand how to write contracts for my business. This whole thing has big a huge learning experience for me. I think the biggest obstacle I’ve had in starting a business is overcoming the employee mentality, and starting to think like a business owner. It truly is a different mindset and lifestyle.”
Ms. Tessa Young is the owner and Founder of Prism DJs, a female DJ booking agency in Los Angeles. Tessa first began DJing in 2003 as a hobby and, by 2010, was working in the industry full-time. After attending an all-female DJ event in 2012, Ms. Young was inspired to start her own businesses which she launched in April 2015. Prism DJs immediately took off and she found herself in need of additional capital to support the hiring of new staff and the purchase of additional equipment and marketing materials. Tessa was referred to PACE BDC by a local organization. At PACE, she worked with her counselor, Steve Meng, to tighten up her business plan and apply for an SBA loan. Tessa says, “Steve made the process easy. He was knowledgeable and always responsive to my questions.”
In October 2015, Ms. Young obtained an SBA loan of $18,000. The additional capital has enabled her to grow her business, add more 2 DJs to her roster, and double her profits. Tessa shares, “I am looking forward to our future success and am forever grateful for PACE’s assistance with the SBA loan to help me make this happen!”
Prospect DB Inc
PACE Finance Corporation (PFC) assisted Sky Cassidy in securing a $100,000 SBA loan that will allow his marketing lead generationbusiness, Prospect DB Inc. DBA MountainTop Data, to purchase equipment, increase their sales staff, and expand their business. Mr. Cassidy started this business in 2005 and MountainTop Data was one of the earliest sources of original B2B marketing data. He was referred to us by a local bank partner and met with Phuong Le, a loan counselor for PFC . Since then Phuong has offered business counseling and helped review the cash flow statements for Mr. Cassidy. Mr. Cassidy was funded with a $100,000 loan in May 2018 that would let his company continue with their expansion. The assistance he received enables his firm eventually hire 17 employees throughout their expansion. They currently hired 3 full time staff allowing them to help small businesses understanding their business marketing data better to generate successful leads.
Sing Your Heart Out
Agnes Chu was born and raised in Taiwan and came to the United States at an early age. When she started singing at 2 years old, she knew she had found her passion. A single mother, Agnes once owned and operated Happy Kids Music, a music school in Woodland Hills where she taught music to children. Happy Kids Music was open from 2005-2008 and had over 150 students.
After that time, Agnes went on to work with Disney, Warner Brothers, Tim Burton and Danny Elfman. She eventually came back to her love of teaching music to children. She came to PACE in the hopes of starting and eventually expanding her new business enterprise. She enrolled in the Entrepreneur Training Program in 2014 to pursue her mission to bring music out to the world through the production of music. Her business makes albums available online worldwide, creates tours and provides teaching opportunities as a guest teacher at different venues.
Agnes was accepted into PACE’s Get Paid to Save program, an Individual Development Account (IDA) program that awards matching funds to her savings. With the help of PACE, Agnes was able to save over $3,500 and move forward with a little money and get new materials for her startup business. The class has helped her realize how crucial time management is for her business. Her ultimate goal is to go on tour and share her music with the world. She currently has one record and is working toward a second record to be released in 2016.