Pawnshops seeing increase in small businesses looking for loans to pay employees

Orlando area pawnshops are seeing an increase in small businesses looking for loans to help pay employees. 

The President of La Familia Pawn and Jewelry say they're seeing an increase of small business owners looking for loans to help pay their employees. They're also seeing people looking for financial assistance from pawnshops to help pay their bills. 

"Either they haven’t gotten their check because their sort of lost in the shuffle of the financial system, or we have some small business people that have used pawn as a very fast way to make payroll and help their people," said David Ashe, President & CEO La Familia Pawn & Jewelry. "Normally a pawn loan is $100-200, but we can do $20,000-$30,000 pawn loans and we have been." 

While Ashe says retail at La Familia Pawn and Jewelry has been down, but the overall business has been steady. Pawnshops are considered an essential business because they distribute loans. The Florida Pawnbrokers Association says pawnshops across Florida have seen more sales for electronics. 

"A lot of people are out of work and are stuck at home," said President of the Florida Pawnbrokers Association Joshua Davis. "We’re seeing a slight increase in sales in pawnshops in people looking to keep themselves or their kids busy." 

Pawnshops are seeing more people come in for things like laptops, computers, and TVs. 

"A lot of people need extra laptops," Ashe said. "Maybe a household was making do with one laptop, and the kids could share it and now, they have two kids at home, and both need to be on the laptop taking home lessons."