Business Insights

Meet Kayla Prestel – Feel Good Pilates

Julia Lukicheva
5 Minutes to read
“NEWITY saw me and what my business was doing and offered a loan to me when nobody else did, I was invisible to all other traditional lenders.”
Kayla Prestel
Owner of Feel Good Pilates in Manhattan, New York.

Welcome to this bright and beautiful Pilates studio in downtown Manhattan. The supportive and caring energy of this space is inviting for all whether they are beginners or experts in Pilates. The amazing instructors often teach beyond the Pilates moves and dive into the rationale and lifestyle of the mind-body exercise. This truly is a ‘feel good’ studio.

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Kayla Prestel is the proud owner of Feel Good Pilates in Manhattan, New York. After the excitement of opening her own studio in 2019, she was suddenly faced with the hardship of running a startup during the beginning of a global pandemic. She immediately pursued an EIDL loan but was told she was not eligible. Kayla was turned down again for the small business recovery grant. She needed capital, but options were running out.

Kayla found NEWITY through a mailing list for New York City’s small business owners. This gave her hope that she could secure a working capital loan to keep her business afloat during tough financial times. She started the application process and quickly realized that working with NEWITY was very different than her experience with traditional banks. She immediately received support from NEWITY for an SBA 7(a) loan, Erika K. helped her walk through each step of the application process. Kayla was initially overwhelmed with the required documents, but appreciated NEWITY’s support to make it easier than she ever imagined. Kayla really appreciated having Grace W., a NEWITY relationship manager, provide guidance throughout the entire journey.

According to Kayla, NEWITY filled the gap between the SBA’s efforts of trying to help small businesses get funding and actually providing it to them. Kayla felt overlooked since she owned a small business that started right before the pandemic, which limited her access to different loan options. She felt invisible and confident that others were also facing the same challenge in being unable to access, the capital programs intended to support small businesses.

Kayla received her SBA 7(a) loan in August 2022 and it was perfect timing. With the additional capital, she was finally able to offer small group training at a better price. It truly allowed to change her business model which helped her business get to the next level.

To qualify for an SBA 7(a) small business loan, your business must be:

  1. U.S.-based and operated
  2. Owner supported / owner funded
  3. Eligible per the SBA’s requirements

Your loan amount will determined by the business’ average annual revenue, FICO score, and years in business