F. Reyes Appliance
Owner: Fausto Reyes
Location: Philadelphia, PA
Business: Appliance Store
Purpose of Loan: Inventory, Property Acquisition, and Working Capital
It always seems like a household appliance breaks down at the worst possible time. When that happens in Philadelphia’s Kensington neighborhood, residents turn to Fausto Reyes.
Fausto, current owner of two F. Reyes Appliance stores, migrated to the United States from the Dominican Republic in 2014. Initially, he helped his sister Carmen manage her existing store, which retailed new scratch-and-dent and used household appliances. Fausto soon took ownership of the store and focused on expanding the business. His first challenge was maintaining inventory to meet growing customer demand.
After a traditional bank denied his loan request, he was referred to FINANTA. We provided Fausto with his first loan to acquire much-needed inventory. We soon followed that with additional financing for working capital and the purchase of the three-story building housing his store. As a result, Fausto became a landlord managing three apartments above his business, one of which is his family home.
After building a strong reputation for quality sales and service in the community, Fausto expanded his business by opening a second location. We helped with this expansion by financing the purchase of the new property and providing a Line of Credit to keep his inventory well stocked. Today, his business continues to grow as he and his team of five employees sell affordable appliances from both locations and, embracing technology, via online marketplaces.