Spa Expansion
Case Overview
Reason: Business Expansion & Expenses
Funding Amount: $200,000
Approval: $200,000
Industry: Hospitality
Use of Funds: Business Expansion
Program Type: Line of Credit
The Story
Meet Careem, our director of sales and operations, as he sits down with us to dive deep into the pros and cons of a revolving unsecured line of credit. He gives us an example of a previous client who has used a revolving line of credit to purchase equipment as needed for their spa business.
He walks us through the qualifications for a line of credit:
💳 24+ months in business
💳 650+ credit score
💳 $100K + average monthly revenue
The Details
The Client
Wellness spa owner looking to grow her business.
A well-qualified client (credit score 650+, 2+ years in business, $200K+ annual revenue)
The Situation
Needed funding to purchase new equipment for business expansion.
Required a flexible financing option that allowed access to funds as needed.
The Solution
Approved for a $200,000 revolving unsecured line of credit.
Drew a portion of the funds to purchase equipment.
As she repays, the line replenishes, allowing her to draw again as needed.
Functions like a business credit card: pays interest only on the drawn amount.