Rising up the son of immigrants, Jorge Rico at all times understood laborious work.
“We have been extraordinarily poor,” Jorge recalled. “I noticed my dad and mom battle and wished to assist.”
On the identical time, Jorge began to dream of alternatives for himself.
“I made a decision I by no means wished to work for another person,” he mentioned. “I wished to be my very own boss.”
Motivated by his dream and pushed by a stable work ethic, Jorge, as a younger man, pursued alternatives within the auto collision restore business and ultimately acquired sufficient experience to start out his personal enterprise – Auto Collision Group (ACG) in 2017. Quickly afterwards, he grew to become satisfied the important thing to regular progress was getting particular certifications from high-end automotive producers, together with Tesla, Maserati, BMW and Jaguar, in addition to from large-scale auto corporations equivalent to Ford, Nissan and Honda.
Jorge’s funding within the coaching and instruments to service these well-known manufacturers – $200,000 alone for Tesla – fueled demand for work. Three months after opening his first store, he opened one other storage in Gardena, then one other in South Los Angeles 9 months later. Jorge’s success has now snowballed into 10 places, dotting the map from Orange County to Central California.
Whereas profitable, Jorge knew that he was nonetheless being held again by escalating lease prices – particularly at his largest facility, a 27,000 square-foot constructing in Santa Ana.
So in 2022, he started entertaining the concept of shopping for the $11.5 million constructing. His banker, Jason DiLuigi of Industrial Financial institution of California, shared some great benefits of the SBA 504 mortgage program which offers long-term, fixed-rate financing for industrial actual property purchases and tenant enhancements. Jason additionally introduced in industrial actual property brokers Dale Digicam and Jason Helmick of Lee & Associates to help with the acquisition.