Starting a business at the outset of the COVID-19 pandemic might seem like a gamble, but Brandon and Todd Avila have beaten the odds.
The brothers launched Priority Plus Financial in 2020 with a scant $90,000, drawing on money from their retirement accounts with some extra cash from a third-party investor.
The operation began in a modest, 300-square-foot WeWork office in Newport Beach, but the company recently moved into a 20,000-square-foot space in Irvine Co’s Pacific Arts Plaza in Costa Mesa. Priority Plus now employs 100 workers who have helped sales skyrocket.
Employees in the anonymous Top Workplaces survey hailed the company, a first-time honoree the program, for allowing the staff to “dictate their own paycheck.”
“I come into the office with a smile on my face and leave with a smile on my face,” wrote one employee.
“It allows me to have a balanced life which makes me want to give it my all at work,” said another.
“We generated $5 million in sales the first year, and we’ll be at $40 million this year,” said Brandon Avila, the company’s CEO. “We have the entire fourth floor at Pacific Arts Plaza and we hope to lease another floor.”
The brothers attribute the lending company’s success to a variety of factors.
“We put all of our faith, knowledge and ability as salespeople into this,” Brandon said. “Plus, we drew on guidance from previous employers and our family, which owns the Avila’s El Ranchito restaurant chain.”
The family has 14 restaurants in Southern California.
Priority Plus offers loans with fixed rates, as opposed to credit card companies that can change rates monthly. Their loans of $5,000 to $100,000, range from 5.49% to 29.99% annual percentage rate for first-time borrowers.
Todd Avila, Priority Plus’s chief operating officer, said one of the biggest challenges the company has faced is finding the most effective marketing channels to promote the business.
“It’s really been trial and error, buying ads on platforms like Facebook, Google, Instagram and Linkedin,” he said.
We asked the brothers to assess the current business climate, customer needs and the possibility of another recession.
Q: Inflation, hiring and wages have been big issues for businesses this year. How do you see this impacting your clients?
A: We built this company with the primary mission of helping consumers get out of debt through a low-rate personal loan.
The current trends that affect our economy are crucial factors that make our company thrive more. It gives us more opportunities to provide several financial solutions catered to their specific needs.
Q: Are you expecting a recession, and if so, what is Priority Plus doing to prepare for that?
A: With the onset of the pandemic, we are wired for constant change and how to adapt to it quickly and efficiently.
We’ve been observing the trends, but we are pretty optimistic that we won’t hit a recession. If we do, we are more than equipped and prepared for that. We would focus on cost reduction by leveraging technology to sustain growth for human resources and capital.
Q: What kinds of programs and policies does Priority Plus have in place to help retain employees?
A: From the very get-go, we make sure that our employees are set up for success. We have an Innovative mentorship program that gives our new employees the opportunity to partner with people in our company who have shown outstanding performance throughout their careers.
In terms of employee compensation, we believe our employees are investments. Our salaries are very competitive. We have different structures for monthly, quarterly and annual bonuses.
We maintain a healthy work-life balance. This is what made Priority Plus Financial stand out among everyone in the financial industry. We know what matters most in life, and we want to give our employees the capability to work freely and spend time outside work. We want them to come in and feel like it’s their second home.
Q: What kinds of loans are most popular among your clients these days, and are they primarily in need of small, moderate or large loan amounts?
A: The usual loans that we fund range from $10,000 as the minimum to $70,000. These are unsecured personal loans needed for larger purchases or debt consolidation, for things like credit card debt or home improvement. The majority of our clients are sick of paying high-interest rates for their credit card debt.
Priority Plus Financial
Founded: 2020
Headquarters: Costa Mesa
Industry: Financial services and insurance
OC employees: 62
Website: priorityplusfinancial.com
Quote: “We only succeed if our clients succeed.” — Brandon and Todd Avila, CEO and chief operating officer, respectively, at Priority Plus Financial.
