Christina and Carlos Davis launched Trendz Beauty Supply in December 2010 in Albuquerque to offer high-quality hair and wigs at affordable prices. Having had several negative experiences at other hair stores, the couple decided to make customer service one of their company’s hallmarks. The strategy has paid off. After opening their original shop of 1,700 square feet, the growth of their loyal customer base propelled the company into filling a 3,000 square foot shop, and subsequently into their current 8,000 square foot location with a nearby warehouse encompassing another 2,850 square feet.
The rented space has served the needs of Trendz Beauty Supply, but the Davis’s always wanted to own their own building. That opportunity arose when they learned the owner of the building housing their store was interested in selling.
With the help of the nonprofit lender Homewise, the Davis’s obtained an affordable commercial real estate loan and purchased the building in June of 2022.
Homewise is a community development financial institution (CDFI) that has been helping people achieve their homeownership goals since 1986. In 2021, the nonprofit lender initiated a commercial mortgage loan program to provide affordable capital to small businesses and nonprofit organizations interested in owning the buildings they rent.
The expansion into commercial lending fits the Homewise mission of strengthening neighborhoods through successful homeownership so that individuals and families can improve their long-term financial well-being and quality of life. Commercial loans provided by Homewise are helping increase the financial well-being of small-business owners and nonprofit service providers while creating opportunities for economic development. Homewise commercial loans are revitalizing disinvested commercial districts without displacing the creative, local entrepreneurs that provide needed community services and are often the hubs of their neighborhoods.
Homewise partners with organizations such as the International District Economic Development Department (IDED), which specializes in providing technical assistance and financial consulting to small businesses. IDED was the connecting point that enabled the Davis’s introduction to Homewise and the purchase of their building.
“The process with Homewise was very simple and fast, as long as you have all of your paperwork together and meet the requirements,” said Christina Davis. “We looked at traditional banks for financing but made our final determination to choose Homewise due to their help with the community, new commercial program, low down payment, and interest rates,” she said.
The Davis’s dedication to serving a wide range of customers — including Caucasian, Hispanic, and Indigenous peoples — has earned Trendz Beauty Supply consistent top ratings and a stellar reputation beyond the neighborhood. The Davis’s pay it forward by donating wigs and gift cards to cancer survivors, domestic abuse shelters, and other groups throughout the state while also hosting toy and food drives that support their local community.
Learn more about Trendz Beauty Supply located at 4301 Menaul NE in Albuquerque. For information about the Homewise commercial loan program, contact Johanna Gilligan, Senior Director of Community Development at Homewise.
Finance New Mexico article 787.854 courtesy of Homewise