When the owner of a beauty salon wanted to expand, he reached out to request $200,000 he would invest in marketing,new employees and a revamped website. He also wanted to refinance about $140,000 in high interest debt. Most banks are not willing to lend so much capital to a small beauty salon without any collateral, but at Radix, we saw the business owner’s potential and decided to work with him.
Final approval for this loan was difficult to obtain. Despite strong profitability and a good credit score, $200,000 in working capital is a very large request for a small, independent salon. However, after the business owner and Radix were able to collaborate on a short, simple and sensible use of proceeds plan, his request was soon approved. Thanks to Radix, the owner projects to double his revenue over the next two years. We could not imagine a lovelier outcome.