SBA 504 Loan Enables PMG to Grow and Assist other Entrepreneurs
Nestled in the Santa Clarita Valley, just a stone’s throw away from the second largest media market in the United States, is an impressive advertising agency that has seen 40 percent growth from 2006 to 2008.
Power Media Group began in 2001when Patricia Gracia, owner and founder, decided to open an advertising agency in her San Fernando Valley apartment with nothing more than a computer, fax and telephone. Today, she and her husband Tony Gracia, manage a multi-million dollar enterprise that specializes in creating Spanish language media campaigns for high-profile clients seeking to reach the growing Hispanic market.
The Gracias have created a successful niche business by targeting the Hispanic audience that marketing experts indicate will exceed $1 trillion in 2010 and by working hard and keeping to their values. “Nothing comes by accident,” said Tony Gracia, a former radio sales manager and currently the chief executive officer who joined his wife’s firm four years ago. “I think our integrity is why our clients are with us. Integrity is the cornerstone of our business.”
Power Media Group has attracted such clients as Universal Music Latin and Video Distribution, Vivendi Visual Entertainment, Maya Entertainment, Creativa Interior-Primor, Hamer Toyota, AB Underwear, Perfume Club, among others. The Gracias believe that their company’s success is also derived from their extensive knowledge of the Hispanic market and their attention to detail. “When I speak to my clients, I ask them, ‘Where do you want to go – national or local?’” said Patricia Gracia. “A campaign designed to appeal to someone from Mexico may not work for someone from Central America. If you understand the Hispanic culture and consumer, they will grab your product.”
Patricia Gracia, a genuinely charismatic individual, grew up in Peru and came to the United States when she was 18-years-old. She quickly mastered English and briefly attended Los Angeles Valley College studying psychology and sociology. At that time, while working at The Peninsula Beverly Hills Hotel, her supervisors recognized her superb customer service skills and after gaining admission to the University of California, Los Angeles her employer paid for her tuition where she received a degree in public relations. After graduation and working for the hotel she moved to Cruz/Kravetz Ideas, Inc. where she turned an internship into a full-time position.
Throughout the nine years Power Media Group has been in business, Patricia and Tony have earned dozens of awards, accolades and certificates of achievement from business groups, business journals, Los Angeles Board of Supervisors, California State Assembly and their member of congress. “I’ve always put forth my best effort and tried to surpass my clients’ expectations. That’s always been my focus since I opened PMG,” said Patricia. They have been diligent in both their business dealings and as community advocates such as organizing a benefit concert in 2007 a week and a half after a deadly Peruvian earthquake. They raised $6,000 and 45 tons of supplies for the survivors of the disaster.
In early 2008, Patricia learned of an available Spanish style multi-story house, which had been converted into an office but was left vacant by a church. Using an SBA 504 Loan for $406,000 and working with Southland Economic Development Corporation out of Santa Ana, California they received low, fixed-interest rate financing. Their ambition for the building was to not only house their expanding firm but also to create a business incubator for aspiring and current business owners. Their new company headquarters also houses Power Women Business Center. It is created to fill a void of a business center that offers opportunities for small business owners in our community: L.A County. Considering the high number of people unemployed or under-employed, of independent contractors and freelancers, suffering financially and emotionally due to the limited economic opportunities during a recession, we have created this center with the idea of re-energizing the local business community with optimism, creativity, technological know-how, entrepreneurial spirit, education, enthusiasm and visionary leadership.
After a thorough review of several recent marketing studies: “We found the enormous financial potential of small businesses to a strong economy in the U.S.” Specially if they’re women-owned enterprises. Patricia and Tony Gracia fully understand that one of the best alternatives to help people in general to come out ahead of the economic crisis, is to focus all efforts in assisting, supporting, educating and launching the business plans and goals on countless small business owners so they can develop profitable businesses and implement innovative strategies and creative products and services that will maintain a steady business evolution throughout these difficult economic times.
“Power Media Group has done exceptionally well and we hope that the assistance the SBA provided through our 504 Loan Program was one more ingredient to that success,” said Alberto G. Alvarado, Los Angeles SBA district director. “Using an SBA loan with a lower down payment allows a borrower like PMG to keep more cash on hand for working capital and business expansion. It usually results in lower interest rates and better terms too.”
Through the 11,000 sq. ft. center, she hopes to offer both women and men entrepreneurs the tools to succeed in their business endeavors. “The economy and recession is in the pockets as well as the minds of individuals, and the way you think and feel affects how you conduct your business, so our goal is to help individuals feel confident about what they are doing and prepare them for success,” said Patricia.
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