La Familia Pawn & Jewelry recently inaugurated its 21st store in Puerto Rico, a 2,500 square-foot location in the town of Guaynabo. This opening responds to a successful strategy of providing clients in need of economic relief with multiple alternatives that go from buying or selling articles, to collateral loans, company officials said.
Company CEO David Ashe said the chain operated by FFI Holdings has 15 stores in Florida and now has 21 branch stores in Puerto Rico, where it opened in 2009. The company known by its compliance with strict state and federal regulations, in loans, buying, selling and pawning goods, is the largest pawning shop chain in Puerto Rico.
“At a time when many are struggling with the crisis we have become a relief, a solution to help the population through these rough times,” he said. “Presently, the image of the industry of jewelry stores and pawn shops has changed dramatically, because it’s vital for the economy.”
The pawning business in Puerto Rico represents $74.1 million in annual loans, according to 2014 data provided by the Office of the Commissioner of Financial Institutions, which regulates pawnshops. There are 147 licensed pawnshops in Puerto Rico.
La Familia offers collateral loans, fast-track loan service an auto-title lending, a segment that represented $54.3 million in economic activity in 2013. Loans are usually taken out using jewelry, electronics and other goods as collateral. The chain also buys articles from customers, which hit resells at its stores.