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Pawn Shop Making Loans To Business Startups

[ 0 ] Aug. 29, 2012 | SBO Editor

San Diego Jewelry Buyers (SDJB) has announced that it is reaching out to local entrepreneurs who need funding to launch small businesses. In addition to being San Diego’s top rated estate buyer of diamonds, gold, and fine jewelry, SDJB is also San Diego County’s premier luxury pawnbroker.

“Unlike most California pawn shops, San Diego Jewelry Buyers can provide collateral loans on fine jewelry and luxury goods valued into the 6 figures,” says Carl Blackburn, owner of San Diego Jewelry Buyers. According to Blackburn, it is becoming increasingly difficult for entrepreneurs to find funding for business ideas. Banks continue to tighten their lending practices and venture capitalists have become increasingly averse to risk.

California entrepreneurs are taking increasingly risky steps, such as cash advances on credit cards, to fund business launches. If the business fails, entrepreneurs are left with ruined credit ratings and bankruptcy filings to make. However, San Diego Jewelry Buyers allows entrepreneurs to launch businesses without putting their credit rating at risk.

“An SDJB loan is a much better decision than taking out a cash advance, since we don’t make reports to credit rating agencies,” says Blackburn. “Because our collateral loans are usually short term loans, the interest rates are manageable.” According to Blackburn, if a customer were to take out a $5,000 cash loan on a diamond ring, it would cost them $200 per month for the use of this money to launch their business.

Blackburn adds that using a pawnbroker to fund a business venture is actually nothing new. He cites the fashion legend Diane Von Furstenberg as one famous example. During the 1970s, Von Furtsenberg pawned a diamond ring to launch what would become her wildly successful DVF fashion house.

San Diego Jewelry Buyers makes immediate cash loans on the following items used as collateral: diamond engagement rings, loose diamonds, fine jewelry, luxury watches, antique jewelry, estate jewelry, sterling silverware, and designer handbags.

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Category: Features