Dealstruck-Funded Business Secures Exclusive Retail Relationship With Shiseido
Carlsbad, CA, February 18, 2016 (Newswire.com) - Dealstruck, Inc., the leading online small business lender, is proud to announce its customer K-Town Cosmetics secured an exclusive distribution relationship with Shiseido Cosmetics, facilitating a business expansion and additional capital need. In providing initial financing to K-Town, then assisting them to secure bank financing for this growth, Dealstruck continues to deliver upon its mission to place its borrowers on a path to bankability.
South Korean native Michael Chang came to the United States in 1990 with determination to pursue the American Dream. “I came to this country as an adult, ready to make my way in the world,” says Michael. And Michael certainly made his way in 2011 when he opened K-Town Cosmetics, a Las Vegas boutique specializing in luxury cosmetics, items often hard to find in the United States. K-Town is the only Las Vegas store outside of a major mall to carry Shiseido, and has an extensive selection of upscale Korean brands like Clio, Peripera, Aromatica, and more. The store has become the go-to spot for locals and tourists alike looking for the hottest trends from New York, Hollywood and beauty magazines.
Dealstruck prides itself on helping its borrowers grow their businesses and to establish solid business credit, allowing them to move on to financing with traditional banks. Michael Chang and K-Town Cosmetics are another Dealstruck success story, and we are proud to have been a part of the journey.
Ethan Senturia, CEO, Dealstruck
As Michael’s bootstrapped, self-funded venture grew, he was presented with an opportunity. “I was offered the opportunity to become the exclusive, non-mall outlet for Shiseido.” The internationally acclaimed brand promised to be a boon to the business but came at a price. In order to be given the exclusive agreement, Michael needed to place a large merchandise order upfront and invest in custom display fixtures throughout the store. It was going to take cash, and a lot of it, to make this happen.
In June of 2015, Michael found his way to Dealstruck, a direct online lender dedicated to providing small business owners with appropriate, affordable, and transparent capital. “I had taken merchant cash advances prior to finding Dealstruck and they were expensive,” says Michael. Dealstruck provided Chang with a fully amortizing loan, offering set payments for easier budgeting, and worked with him to seek out longer-term and lower-cost bank financing.
Shortly thereafter, and with increased sales, more time in business, and responsible debt management through on-time payments, Michael was able to graduate to “bankability” and secured an SBA-backed small business loan with Royal Business Bank in January of 2016.
“Dealstruck prides itself on helping its borrowers grow their businesses and to establish solid business credit, allowing them to move on to financing with traditional banks,” said Ethan Senturia, Dealstruck CEO. “Michael Chang and K-Town Cosmetics are another Dealstruck success story, and we are proud to have been a part of the journey.”
Dealstruck offers businesses the opportunity to access multiple credit products. Its online platform provides borrowers with the growth capital they need quickly and easily.
Read Michael and K-Town’s full story here.
About Dealstruck
Dealstruck is an online direct lender and the first to offer multiple products -- including flexible term loans and multiple line of credit solutions -- to small- and medium-sized business (SMB) owners. With a mission to provide growing SMBs with access to capital that is unique, appropriate and affordable with honesty and transparency, Dealstruck is committed to placing SMBs on a credible path to bankability. For more information, please visit https://www.dealstruck.com/.
