Radix Finances $340K for Small Beauty Salon

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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.

BORROWER’S ISSUES

Large Working Capital Request
No Real Estate Collateral

RADIX’S SOLUTION

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.

Terms:

Funded: $340,000

Interest Rate: 2.75%+ Prime (11%)

Monthly Payment: $4,304

Funding Time: 4 weeks