Seth and Les Gold, the co-owners of American Jewelry & Loan who are known for their reality TV show “Hardcore Pawn,” are preparing to expand their business Downriver.
The co-owners, whose show aired on TruTV from 2008-15, have locations already in Pontiac, Hazel Park and Detroit. They are adding locations in Southgate at 14336 Eureka Road, which is to open soon, and in Lincoln Park, at 1456 Fort St., which opened Tuesday. The two shops will provide 15 new jobs to the company.
As with the business’ other locations, customers will be able to pawn jewelry, lawn equipment, electronics, TVs, video games, fur coats and more. There also is an option for customers to safely store items for a fee. Les Gold said the pawn shops also are non-recourse lenders, allowing people to pawn items without hurting their credit scores.
The FDIC reported in 2020 that about 7.1 million households in the United States do not have a bank account or a relationship with a bank from which to borrow, known as “unbanked.” Seth Gold said he hopes American Jewelry & Loan can be a resource for those households.
“We provide a resource to those people to make their ends meet,” Seth Gold said. “So we see and have seen, including today, a woman coming to get $50 that she needs to get food on her table this evening for her family. We see that time and time again. So we’re providing a service for those folks that don’t have those opportunities to go to the banks and the traditional banking institutions.”
American Jewelry & Loan also is involved in community service. Seth Gold said the company hosts auction events for charities such as Wigs For Kids, provides internships for students at the Jalen Rose Leadership Academy and hosts other auctions, including for Winning Futures, a workforce preparation program for students.
“We like to give back to young entrepreneurs and kids because they are the future,” Les Gold said. In 2018, the co-owners contributed $10,000 to a pool of microloans in partnership with the Junior Achievement of Southeastern Michigan, and the funds were distributed to high school students who were looking to start their own business.
The TV show brought people from all over the world to their shops in southeast Michigan, and the Golds say they are prepared to continue expanding their business.
“People on a daily basis come to our store from around the world, not only the United States,” Seth Gold said. “The show is very heavily watched in Italy, Turkey and India. So people from around the world are coming to Detroit, which is really exciting for us because it gives people the opportunity to check out the surrounding areas.
When it comes to paving the way for other pawn shops, Seth Gold adds: “I think the show has also been a benefit to pawnbrokers around the country because it became more accessible and more understood through the success of our show.”
Read more: https://www.freep.com/story/money/business/michigan/2021/02/17/hardcore-pawn-stars-american-jewelry-loan-downriver-southgate/6770634002/
