Meet Jen Nylin, owner of Jenny in the City, a fashion boutique located in Minneapolis and St. Paul, Minnesota. The boutique offers effortless fashion and boho chic products.
When Jen started her business, she opened a credit card with a $5,000 limit to purchase inventory and cover expenses. While using all of her profits to invest back into the shop’s inventory, Jen explored non-SBA loans to expand her capital resources. The loans Jen found had short repayment terms and high repayment amounts. This wasn’t ideal for Jen, who wanted more time to invest borrowed funds to meet her goals.
When Jen began researching SBA loans, she determined an SBA loan would be a great solution for her business. After Jen found NEWITY, she quickly reached out to our loan team to help her through the SBA 7(a) loan application process. Jen was initially hesitant to seek outside help due to a bad experience with another loan company. However, Jen immediately found comfort in working with us. She felt like we truly had her best interest in mind while we guided her through every step of the process.
We enjoyed supporting Jen with her initial loan application through funding, helping her overcome any hurdle along the way. Within weeks, Jen successfully secured an SBA loan to help grow her business. Jen’s favorite aspect of the SBA 7(a) loan program is its longer terms and lower interest rates.
In the end, the only thing Jen said she would change is knowing about SBA loan options earlier, so she could’ve taken advantage of them sooner as a small business owner.
