When Serigne Seye of Creative Design & Tailoring in Chicago was told by his landlord that his rent would be increasing substantially, he knew it was time to move – but where? With rents increasing everywhere, it was hard to find a place suitable to house Mr. Seye’s long-standing tailoring and retail clothing business, and even harder to find a location with affordable rent.
Mr. Seye, who has operated his business for more than 10 years, never shies away from a challenge. He had worked incredibly hard to establish himself as a skilled tailor, first working for another tailoring shop before opening his own. It seemed impossible to him that the fate of his business could be determined by a rental increase. He knew if he could just own his own commercial space, he could not only save money on monthly expenses, but he could add an asset to his family’s financial picture that could provide for long-term well-being.
Mr. Seye searched for a property that would meet his business' needs without being too far from his existing clients. When Mr. Seye finally found a property, he was thrilled – it was larger than the one he had been renting, which would provide space for growth, and it was just down the street from where he had been. Self-Help provided a loan to finance the purchase, and Mr. Seye moved into the new space quickly – delighted, and with a sigh of relief.