(How do you survive when everyone else is giving up? File photo from Agence France Presse)
Entrepreneurs are survivors, more than anything else. Some people survive more when they are alone, with their inner wolf coming out in the face of adversity. This is why some businesses set up by friends and relatives sometimes end up in grief.
For Rica and Donnel San Antonio, however, beating the odds is easier when together. Although Donnel is currently working as a professional in a construction company in Dubai and is physically absent, the high school sweethearts cum husband and wife team is in perfect sync with the management of their pawnshop in Roxas City.
Though still young at 31, both have seen their share of bad times. Donnel shares that his first stab at the food business selling Tender Juicy Hotdogs in a school in Roxas City was hard to sustain because sales were seasonal. Schools were open only five days a week and holidays meant no sales.
They bounced back from that experience, and are trying their hand at growing their pawnshop into a full-blown financial services company. Last year, they decided to widen their services from jewelry and cellular phone loans into remittance, with the addition of a Western Union service.
The competition, however, is pretty stiff. “For now, pawnshops compete on interest rates. They now offer up to 1.0 percent monthly,” Rica explains.
To differentiate the pawnshop from its competitors, Rica says she offers flexible interest rates depending on the maturity of the loans. For a 3-day loan, she offers 2.0 percent interest, for a 7-day loan 3.0 percent, for a 14-day loan, 4.0 percent and for a 30-day loan 5.0 percent.
Rica worriedly says a lot of pawnshops are going to close shop soon. It’s crunch time once again because businesses are facing rough sailing in Roxas City, she says. People are pressed for money, for jobs and for security.
Survive they must, if they want to be hard-core entrepreneurs. Besides, the success of the business will allow Donnel to finally come home to his family.
If you want Donnel and Rica to get a shot at getting professional mentoring from Willy Arcilla under INQUIRER.net’s one-year project, vote for them by commenting on this blog.
The other candidates for the activity are:
Comteq Computer & Business College
(Business Mentoring is a one-year project by Open For Business of INQUIRER.net. We are choosing eight businesses from the ones that applied by email, who will be mentored by Willy Arcilla, regional director of ZMG Signium Ward Howell and president of Business Mentors Inc. Willy is an industrial economist from the UA&P-CRC with a 25 year career in corporate planning, marketing, sales and general management across Asia-Pacific, and is a recipient of the Agora Award for Marketing Excellence.)
March 30th, 2008 at 11:23 pm
Pawnshop/remittance centers are essential establishments especially when you’re encountering financial difficulties and emergencies…Hope your business will cope at this times of crisis and survive the uncertainties of our present economy. Good luck Rica pawnshop!
March 29th, 2008 at 6:53 pm
Yes, I agree with Fred. Though pawnshops,given out loans with interests, these are the only “takbuhan ng bayan” as one popular pawnshop advertisement will say. Market vendors and OFW dependents are the primary beneficiaries of this kind of micro financing loans. No need to go to bank, with so many requirements or go to your rich parents or relatives, where you can receive a lot of harsh words, before lending you the money. Pawnshops will lend you money with out too much questions as long as you have the jewelry or cellphones.
March 28th, 2008 at 4:58 pm
Why Mr. Angelo, what have you done to help poor businesses? In the Philippine setting, if you are a poor business, trying to ask for help from parents, siblings, relatives and friends, yes, you are not paying interests but you have to pay a more burdensome thing, “utang na loob”. Pawnshops help people by giving them out loans, no “ifs” and “buts”, no questions ask.
March 27th, 2008 at 6:30 pm
No way im going to support people who enganged in usury. Pawnshops are preying on people on difficult times.
March 27th, 2008 at 12:36 am
The new face of a pawnshop business is a money changer, bayad center, etc. But security and safety also is a primary concern for this business.