FirstBank’s Commercial Banking Department granted financing to FS Perfumes, LLC under the SBA 7A, Express, and 504 Programs to acquire and improve the 10,000+ square-foot commercial property in San Juan.
The amount of the financing was undisclosed.
“For us at FirstBank, it’s very important to support local businesses because of their significant contribution to Puerto Rico’s economy. All of this financing gave them the opportunity to acquire the perfume business, FS Perfumes, LLC, to continue operations, and to create about 14 jobs in the Campo Rico and Caguas stores,” said René López, senior vice president of Commercial Banking for FirstBank.
Over the past 20 years, FS Perfumes LLC, a Puerto Rican family-run business, has grown in the wholesale and retail perfume sales market, with an inventory of 100% original perfume brands and by serving other markets in the Caribbean. They also have an inventory of brand-name women’s’ and men’s watches.
“Every day consumers place greater importance on perfumes since these complement their personality,” said Salvador Calaf, president of FS Perfumes LLC.
“The company’s success has come from a combination of sales to the general public and sales to partners who benefit from a structure of lower prices on their wholesale purchases, which give them the opportunity to generate additional income on the sale of original, high quality perfumes,” he said.
FS Perfumes LLC has more than 10,000 active partners who benefit from a variety of fragrances, as well as competitive prices to meet the tastes or needs of their two stores.