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Optima Beauty

NYC Beauty Supply Retailer Perseveres Through COVID-19 with CDFI Financing and Technical Support

Financial and Social Impact

  • 5 employees maintained, even during COVID-19 closures
  • Business owner able to establish business credit

Client: Andy Hong, owner of Optima Beauty
Client location: Jackson Heights, NY
CDFI: Accompany Capital
CDFI service area: New Jersey and New York
CDFI services provided: Financing and technical assistance, with support from the Wells Fargo Diverse Community Capital Program

Optima Beauty is a beauty supply retailer that has been operating in Jackson Heights, NY, since 1993. Owner Andy Hong knew he would need financing to strengthen and prepare his business for cyclical downturns and establish a business credit profile. Mainstream lenders approached him, but he turned to Accompany Capital instead after meeting staff members at a free workshop held by the Queens Chamber of Commerce.

Andy recognized the significant value Accompany Capital could offer his business both through the CDFI’s small business financing and technical assistance services tailored to his specific situation and needs. In addition to participating in a business credit workshop led by Accompany Capital, he also received two PPP loans totaling $33,430 each, along with a $75,000 line of credit from Accompany Capital made possible with grant funding from the Wells Fargo Diverse Community Capital Program.

“It can be hard to find the resources small businesses need, when they really need it. Accompany Capital was there for me, especially during this crisis. It was hard, but we are still in business and made it through with their help,” Andy said.

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