The Beverly Loan Company Story

Step into the light and airy offices of Beverly Loan Company and you would never suspect you’re in a pawn shop. Located on the third floor of the Bank of America building in Beverly Hills – valuable art on the walls and private offices in which to conduct transactions – Beverly Loan Company is a world apart from the typical storefront pawn shop.

 

 The Beverly Loan Company StoryIn the 1930’s, when Los Angeles’ pawn shops were concentrated downtown on Hill Street, founder Louis Zimmelman knew there was a market for a different kind of pawn brokerage.  Instead of a dimly lit storefront operation where a pawnbroker sits behind a wire-enclosed booth making loans over the counter, Louis envisioned a place with the look and feel of a fine jewelry store, where the pawnbroker always wears a suit and tie, where business is conducted in private offices, and where the client’s valuables are securely kept in a bank vault.

And he was just the man to do it. A snappy dresser, a gentleman, and a jeweler whose family had been in the diamond trade for four generations, Louis chose Beverly Hills as the site for his new pawn shop. Hidden away in a bank building, the original Beverly Loan Company was a place where Hollywood’s movie stars, movie executives and affluent Westsiders temporarily down on their luck could discreetly pawn their jewelry for quick cash without going downtown.

When Louis and his brother Julius opened Beverly Loan Company in 1938, times were tough.  The Depression was easing, but war clouds were hanging over Europe. Everywhere people were nervous. Soon Europe was at war and America followed in 1941. Julius was drafted and Louis was equally determined to do his part for the war effort. With the help of his mother and a sister, Louis now ran the fledgling business during the day and spent his nights working the graveyard shift at Lockheed Aircraft.

After the War, both brothers put their full energies into building the business. Soon Beverly Loan Company was well established with a long list of famous clients. Louis knew that in a town as image-conscious as Los Angeles, discretion is essential, so Beverly Loan Company made confidentiality its inviolable rule. This decision has served Beverly Loan Company and the Zimmelman family well. In 70 years no name of any client has ever been revealed without his or her permission. Louis often said, “If I go to a party and am introduced to someone who’s a client, I pretend I never saw him before. That’s why we continue to have loyal customers coming back to us for 30 years or more.”

By the mid-50’s Louis had become one of the most respected men in the pawn loan industry. He was now in a position to address his long held dream to help make the pawn business a respected industry. He was one of the original founders of the California Pawnbrokers Association (CAPA), a private, non-profit, industry organization committed to improving the pawnbroker industry in California through education and legislation. Determined to make the CAPA a success, Louis traveled the state encouraging other pawnbrokers to join this organization and to adhere to its code of ethics.

 The Beverly Loan Company StoryAfter the death of his brother in 1987, Louis’ daughter Jeannie Zimmelman joined the business, and together they expanded Beverly Loan Company by hiring additional employees and computerizing the company’s record keeping. They were later joined by Jeannie’s sister Helaine. Louis died in 1995 and Helaine retired in 2001. After her father’s passing, Jeannie owned and operated the business with the same standards her father taught her so well – respect your customers, give them value, and maintain their confidentiality. Jeannie became the embodiment of the upscale pawn shop, an idea that her father developed seven decades earlier. Jeannie was featured in People, Los Angeles Times, Newsweek, New York Times, Wall Street Journal, Access Hollywood and the list goes on…

Jeannie tragically passed away in 2005. Jeannie left behind a husband, Brad, and two children, Lauren and Jordan, who make it their duty to run the family business with the same loyalty, enthusiasm, and pride as she did.

 The Beverly Loan Company StoryJordan, a licensed attorney and former full-time employee of Beverly Loan Company, rejoined the business in 2007 as its CEO, just as Jeannie had hoped. Like his mother, Jordan has represented the trade in the media, and has been featured in the Los Angeles Times, Variety, Today Show, CNN and the list goes on. Jordan is a member of the Board of Directors of the CAPA, the very organization that his grandfather founded decades earlier, as well as the National Pawnbrokers Association.

Jeannie handpicked one of her successors, Deanna Acosta, before her passing. Deanna has worked at Beverly Loan Company since 1988, and is adored by all of her clients. She was lucky enough to have been taught the trade by best in the business: Louis and Jeannie. Dan Rifkin works beside Deanna and brings with him a wealth of jewelry and watch knowledge and an excellent reputation from his many years in the industry. And Tony Sainz, a GIA trained gemologist,  is the newest member of the team.

Beverly Loan Company is still run as a family business and remains a world apart from any other pawn shop anywhere.

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