Genesis Bank Announces “Beauty Industry Professional Advisors” Partnership to Provide Access to Banking, Financial, Educational, and Technical Resources for the Nails and Beauty Industry

Genesis Bank (“Genesis” or the “Bank”) announced today that it has organized and is a founding member of the Beauty Industry Professional Advisors (“BIPA”), a consortium of professional business advisors focused on providing comprehensive support for businesses in the nails and beauty related industries. This strategic partnership brings together the most critically important financial, educational, technical, and professional advisory firms to serve the needs of businesses in the nails and beauty sectors, many of whom are minority and family owned and operated. Additionally, through the Genesis Bank Institute for Entrepreneurship (“GBIE”), the Bank’s business incubator and advisory division, business owners engaged with BIPA will have access to financial and business education, technical assistance resources, and pathways to capital, to move the diverse nails and beauty industries forward to support their growth and success. Each financial and business professional advisor brings a unique set of relevant skills, resources, and expertise to this strategic partnership, with a focus on servicing the following key financial and business areas:

• Banking Services: Genesis Bank
• Financial Education: Genesis Bank Institute for Entrepreneurship
• Technical Education: Advance Beauty College
• Business Law: The Law Offices of Derrick H. Nguyen, Esq.
• Employment Law: The Law Offices of Mike N. Vo
• CPA Services: Greenfield & Associates LLP CPA
• Tax Services: In Good Hands Tax Services
• Insurance Services: State Farm Insurance

Stephen H. Gordon, Chairman and Chief Executive Officer of Genesis Bank, stated, “On behalf of Genesis Bank and the Genesis Bank Institute for Entrepreneurship, we are thrilled to announce the formation of the Beauty Industry Professional Advisors partnership. This first of its kind, one stop, strategic partnership focuses on holistically meeting the financial, professional, operational, and overall business needs of the nails and beauty related industries. As one of only two diverse, multiracial Minority Depository Institutions in the U.S., our mission has always been to lead first and foremost with ideas and brain power, through a consultative and advisory approach that is committed to prioritizing the needs of clients and the broader minority communities we serve across Southern California.”

Mr. Gordon added, “Southern California is home to the largest number of nail salons in the U.S., and some of the most innovative, essential, and thriving nails and beauty related businesses, many of which are predominantly minority owned, managed, and staffed. This consortium of industry leading experts and professionals serves to address the evolving needs of the beauty industry, in order to support their continued growth and success. Genesis Bank and the GBIE are committed to fulfilling its role for BIPA clients by bringing forth financing opportunities that are tailored to meet the funding needs of clients, technology enabled treasury and cash management depository services and solutions to efficiently support day-to-day operations and build wealth, pathways to access growth capital, access to financial education and entrepreneurial programming, and direct access to our dedicated veteran team of bankers, professionals, and executives that are available for consultation and ideation.”

Tâm Nguyễn, Chair and Co-Owner of Advance Beauty College and a Board member of Genesis Bank stated, “As a veteran of the beauty and wellness industry spanning multiple generations through our family-owned and -operated Advance Beauty College, I am deeply excited and committed to be part of this critically important partnership. I believe the formation of the Beauty Industry Professional Advisors is truly a breakthrough milestone in advancing the evolution of the beauty industry.”

Mr. Nguyễn added, “As a nationally recognized brand, Advance Beauty College is looking forward to providing the strategic direction to meet our dynamic times and further elevating the beauty industry that will benefit countless personal care, nails, skin, hair, and related businesses that proudly serve our markets in the nation's most diverse communities of Southern California. Through my own personal experiences working directly with each of our business advisors, I am confident in our collective ability to deliver hands-on experience, in-depth knowledge, and culturally nuanced expertise broadly in the areas that are strategically vital for the development and expansion of nails, beauty, and wellness-related businesses.”

Derrick Nguyen, Law Offices of Derrick H. Nguyen, stated, “The nail industry plays an integral role in the development of the diverse minority communities across Southern California and beyond. With roots dating back to the first wave of Vietnamese American immigrants in the late 1970’s, the industry has since expanded beyond nail services to broadly impact many minority groups as it continues to thrive. For almost half a century, the nail and beauty industry provided economic stability for many families and opportunity for other professions in the areas of health, law, science, and arts. Having proudly contributed as an attorney to the growth and advancement of the nail and beauty industry, I am excited to be a part of BIPA as a trusted legal advisor, and believe this partnership is vital in addressing the legal, professional, and operational challenges faced across the industry.”

For more information on Beauty Industry Professional Advisors and the services it provides, please visit www.beautyindustryprofessionaladvisors.com.

About Genesis Bank

Genesis Bank is a California state chartered commercial bank, organized by a group of highly experienced and successful bankers, investors, and business professionals. The Bank focuses on serving the financial needs of small to mid-sized businesses and owners, and investors in income-producing multifamily and commercial real estate located in the Bank’s Target Markets of Los Angeles, Orange, Riverside and San Bernardino Counties, California. Additionally, Genesis Bank is designated by the FDIC as a Minority Depository Institution (“MDI”), and is one of only two diverse, multi-racial MDIs in the U.S. The Bank is powered by GenTeck^SM, a groundbreaking combination of best-in-class technologies, which are tightly integrated to give clients a seamless, digital first, and transparent experience. The Bank’s products, services, and solutions primarily include traditional commercial business, Small Business Administration (SBA), income property, and owner-occupied commercial real estate loan and deposit products, as well as treasury management, escrow, and Section 1031 exchange services and solutions. Genesis Bank is headquartered in Newport Beach, California, and can be found online at www.mygenesisbank.com. Genesis is an Equal Housing Lender and Member FDIC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230413005252/en/