Grassy Park salon owner is grateful to financier who took a chance on her
The owner of a community salon in Grassy Park says it is the fact that a financier took a chance on her when banks looked the other way, which has helped her keep the doors open.
Samantha Herbert took over the running of Masterpieces Hair & Beauty in 2014. “I started this business when my previous boss sold the place to me. I wanted to change the place but had no finances or capital,” she says.
She approached a bank for help but they were unable to assist her.
“The problem that small businesses like Samantha often experience when approaching banks, is that the institution asks for proof of a long trading history and make the entrepreneurs jump through impossible hoops,” says Karl Westvig, CEO of Retail Capital.
It is this company that Samantha ended up approaching for working capital.
“Retail Capital is so very different to banks and micro lenders. It is offering funding to people who have no other way of getting money. The money I loaned was used for things that enabled me to be profitable today. I did everything – from signage to furniture,” says Herbert.
Westvig says his company advances a cash lump sum based on the business’s expected future sales “so the business effectively funds its own growth”.
Retail Capital’s cash advance takes small business challenges into account – it does not require security, guarantees or a long trading history and does not set restrictions on the allocation of its funds. All costs are transparent and fully disclosed upfront, allowing the business owner to plan and ensuring they do not get any unexpected shocks.
“With this salon, similar to all our clients, we are able to come to a simple agreement because our model is based on actual credit card payments made in-store, so there is no need for a drawn-out application process,” says Westvig.
Samantha explains the funding has helped her keep the doors open, and bring in more business.
“I have a contact person at the company who I can call for advice at any time. I have even shown him every bit of assets that I have been able to purchase since 2014 – even a coffee machine,” says Herbert.
“They have helped me make my dreams come true. And I will always be grateful for them taking a chance on me,” she shares.
Retail Capital partners with woman entrepreneurs to grow their business.