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City Loan & Pawn Shops Form Alliance

November 14, 2008 by Administrator 

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City Loan has announced that the company has aligned itself with Abes Pawn Shop in Santa Clarita, California. City Loan hopes that the partnership will increase the company’s exposure to this market, thus eliminating the need for it to open a bricks and mortar location with its subsequent costly overhead.

Thomas Baye, the owner of Abes Pawn Shop, says that they will be able to service more customers and provide other lending options using the methods that City Loan offers them. He believes that in partnership with City Loan they can grow their business with a better product than other lenders offer, while enhancing their competitiveness.

This pawn shop alliance is part of City Loan’s effort to build new partnerships with established, smaller lenders, in order to expand its portfolio growth into areas where they do not have physical locations, and where the car loan market is currently underserved. William Atkinson, President and CEO of City Loan, Inc., believes hat these partnerships will increase the company’s bottom line, without driving up costs. The alliance with Abes Pawn Shop in Santa Clarita is said to have been designed to mend a gap in City Loan’s consumer territory and create a synergistic profitable endeavor for all involved.

Keep on the lookout for more alliances like this, especially in San Diego and other metropolitan areas, as traditional lending options continue to become more difficult.

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