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Frontera Investment, Inc.,(OTC: FRNV) announced the acquisition of a store in Sunnyvale California, operating under the name of Check2Cash today.
(PRWEB) November 07, 2012 — Frontera is an alternate monetary solutions business that acts the big and fast-growing low-cost customer finance market. The business makes use of technology that is advanced company procedures to provide competitive costs on an array of lending options and solutions, including check cashing, loans (payday and gold jewelry loans) and cash transfers.
Total cost had been more or less $1.0 million plus 85percent for the payday that is existing outstanding. The purchase cost ended up being compensated from proceeds from the purchase of Series the Preferred inventory. The closing happened Saturday, November 3, 2012.
Frontera formerly announced two brand brand new deals that may offer working money required to obtain current shops and develop the jewelry loan business that is gold. The transaction that is first a brand brand new $5 million senior credit center from Salus Capital Partners . The transaction that is second a $5.0 million preferred stock investment from MRC Capital Group , a preexisting investor in Frontera.
“We are extremely very happy to announce the addition with this lucrative shop in Sunnyvale” said Gilbert Partida, Frontera’s president and CEO. “This effective shop will straight away increase our pay day loan market share in California and include running money flow”. Furthermore, “we obtained a pawn permit because of this location that may let us include the lucrative gold jewelry loan solution as of this shop and somewhat speed up the payback on our investment.”
Forward-Looking Statements: Such forward-looking statements are susceptible to a wide range of risks, presumptions and uncertainties that may result in the organization’s real leads to vary materially from those projected such forward-looking statements. These dangers, assumptions and uncertainties consist of: the capability to finish expansion within presently predicted time structures and spending plans; the capacity to compete efficiently in a rapidly evolving and cost marketplace that is competitive capability to raise money to aid its development strategy; alterations in company strategy; as well as the effective integration of newly obtained companies.
About Frontera, Investment, Inc: Frontera (OTC: FRNV) is an alternative solution services company using higher level technologies and functional systems to give you an increasing selection of low priced, one-stop-shopping monetary solutions to the “unbanked” and “under-banked” customer areas. The business provides competitive rates on an array of lending options and solutions, including check cashing, loans (payday and gold jewelry loans) and cash transfers.
Frontera’s main target audience is the Hispanic sector, which can be currently approximated to become more than 40 million clients. Over 50 % of these Hispanic customers do perhaps maybe not make use of any style of banking service. Frontera’s instant objective is to end up being the very very first full-service Hispanic economic solutions brand name.
In addition, around 35 per cent of all of the households (and growing) in america over the board are either un-banked, under-banked, or regularly use alternate services that are financial. Frontera is a prime, low-cost, high client value choice for customers in these areas.
Frontera now runs eleven shops in Ca as well as 2 shops in Florida.
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