How a Business Loan Saved My Yoga Studio

yoga studioIf it weren’t for reasonable business loans, my yoga studio that I worked for over a decade for, would have disappeared due to theft. I came to open up the studio one morning, and I received a very unexpected and unwanted surprise. All my yoga mats were gone.

We suspect that one of the yoga instructors took the mats, but it is impossible really to know which one it was. We kept all the mats in one room, and the classes all ended at a different time of night. Everyone had a key, so I was left feeling really foolish for being so trusting. It didn’t occur to me that someone I employed would be willing to hurt the business they work for, but apparently I was very wrong.

With no renter’s insurance, I was left with the impossible task of trying to figure out where to get the money to buy yoga mats. With no surplus in my accounts, and a calendar full of classes, I had to figure something out. Cancelling all the classes would not be an option. It would tarnish my business reputation, not to mention I didn’t have the money for giving refunds to over 500 students.

I ended up finding a place that gave out small business loans. Until then I had been hesitant about business loans, and had worked really hard to finance my studio myself.

The deal I got did not affect my personal finances or ask me to put up collateral. I was able to get 24 hour approval, had to fill out very few forms and the customer service was very helpful and empathetic to my situation.

I only had to close down my business for a single day. I put the mats on my credit card, and was able to continue classes like normal the day after the theft. In 7 days I received payment to pay-back the credit card.

To this day I am so thankful the option was open to me. So go ahead and have a look at business loans if it something that you need. There is very little risk involved, and all small businesses go through time where we need revenue to continue or grow our businesses.

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