Wrigley Association


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  • graeber
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  • Long Beach, CA
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Wrigley Association

P.O. Box 16192

Long Beach, Ca.  90806

July 25, 2012


Honorable Planning Commissioners

City of Long Beach Development Services

Amy J. Bodek, AICP,

Derek Burnham

Steven Valdez, Planner


Re:     Application No. 1203-06

          Pennbrooke Financial Application


To WhomIt May Concern:


I am writing to you in regards to the Conditional Use Permit Application by the
business known as “Pennbrooke Financial Services” to do business at 201 W. Pacific Coast Highway, Long Beach, Ca.   The
Wrigley Association desires to state its opposition to the issuance of a


For many years, in fact over a decade, the Wrigley Association has worked,
primarily through its membership on the RDA’s advisory agent CPAC, and lately
through its own advocacy to build a vital and healthy business atmosphere on
the portion of Pacific Avenue that runs through the heart of the Wrigley
neighborhood, from Pacific Coast Highway to Willow Street.  We have been diligent in our oversight and
involvement and have seen steady improvement and slow revitalization.  The Association desires a strong, vibrant
business for this location, a business that will serve the needs of the
community, both the residents and the businesses, not undermine or disadvantage


Our opposition to this business lies in what we firmly believe will be the adverse
effects to the neighborhood that it will bring: 
Pennbrooke has announced at our executive board and association meeting
that it intends to engage solely in Auto
Title Loans and solely in the range of marketing 2,500 to 25,000 dollar 30 day notes
 They have stated interest rates will be in the range from 120% to 320% APR. The amount they actually will charge is unpredictable and is entirely up to the business owner, because the State of California does not
regulate loans in these amounts.
According to their CFO who spoke at a CPAC meeting a few months ago,
320% APR is the average amount they charge in the more than 500 locations they
have in the 22 states where they currently do business.  Furthermore, the lobbyist for Pennbrooke has admitted that they will charge ‘whatever the market rate is’.


Pennbrooke claims that it will target the small businessman strapped for cash who has become strapped for cash to meet his payroll and needs a short term loan.   In actuality, they bring no proof to support this argument; it’s just a marketing ploy. 
In actuality, their loans will be available to anyone with clear title
to an automobile which Pennbrooke judges worthy as collateral for a note of at
least $2,500.  They will be making loans to individuals and may also be make loans to businesses.  The clear title to an asset which can be easily liquidated is their desire should a default occur after 30 days.  They have offered nothing
more than marketing talk to substantiate their claims. 



This is not the type of business that should be anchoring the gateway to the Wrigley
Village business district.  It will bring financial blight to the area because, rather than supporting those in need of financial services, it makes them victims by charging exorbitant rates for what is, very often in the area where it wants to locate, targeting the only asset of financially unsophisticated borrowers.


Wrigley Villages deserves a financial institution, that is for sure, but one that will
grow the wealth of the community, not one that preys on it. 


Respectfully submitted,



Colleen McDonald

President, Wrigley Association

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