Thanks to Pacific Coast Regional SBDC for this story!
Since 2005, Beny Benjamini’s License2Bling has enjoyed success manufacturing fashionable, high-end license plate frames featuring Swarovski crystals. Targeting both men and women, the frames are sold at numerous car dealerships as well as online. In 2012, Benjamini saw a new opportunity to manufacture frames with licensed sports team logos. Seeking capital to finance his new product line, in June 2012 he visited Pacific Coast Regional SBDC for help.
PCR SBDC Business Advisors Paul Mazbanian and Myron Perryman helped Benjamini package a loan application, submit it to an underwriter at Pacific Coast Regional and obtain a $200,000 business loan to expand the business. They also helped Benjamini create financial projections, refine his inventory management strategy and set long-range goals.
License2Bling received its loan in February 2013. Benjamini used the proceeds to buy new equipment, hire two employees, expand the product line, and buy a new building. “It really enabled our growth trajectory to be more aggressive,” he says. The company now has six employees, including Benjamini, and sales have increased by 25 percent year-over-year. “In the last year and a half, we went from renting a 2,500-square-foot building to renting a 7,500-square-foot building to now owning a 15,000-square-foot building with 22-foot ceilings,” says Benjamini proudly. As for the future, Benjamini is about to bring on a veteran CFO in preparation for establishing new partnerships, expanding the product base, adding new distribution channels and strengthening the company’s sourcing in China. “We wouldn’t be where we’re at right now without the long-range planning the PCR SBDC had us do,” says Benjamini. “Our relationships with Myron and Paul have been invaluable, and we definitely plan on working with them again.”
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