Like the fate of many childhood dreams, Brittany Phelps had let the ambition of owning a yoga studio fall to the wayside. Sometimes, however, life has a way of circling back around. After working in the mountain bike industry for several years, Brittany moved to Crested Butte.
“I quickly learned that to survive, you needed a few jobs.”
She put her marketing skills to work, providing consulting and contract work for local businesses. One of her clients was the owner of a local yoga studio, who casually mentioned one day that she’d like to sell her business.
Not long afterward, Brittany was the owner of a yoga studio with two storefronts in Crested Butte.
“When I bought the studio, I purchased a license agreement,” she said. “I thought it would be wise to keep their brand with the intention of creating my own once I felt like the studio could transition into the community.”
Fast-forward two years and Brittany has opened a third studio in Fruita under the name Thrive Yoga. It was time to rebrand in Crested Butte, yet the license agreement, which was tied to her business loan, had become a major roadblock. If Brittany wanted to continue growing her business, she would need to refinance her loan.
That’s where Colorado Lending Source came in.
“For many people in business, borrowing money is a little bit scary,” said Mike O’Donnell, Executive Director at Colorado Lending Source.
Brittany worked with Marie Peters, who leads the Colorado Main Street loan program at Colorado Lending Source. A character-based financing option for small business owners, Colorado Main Street loans range from $5,000 to $50,000.
Because the program is character-based, Brittany went through an extensive application process that involved an interview and pitch presentation. The team at Colorado Lending Source evaluates proposals based on the character of the individual as opposed to solely looking at the credit score like the majority of lenders out there.
In addition to approving Brittany’s loan, Marie coached her through the entire process.
“Marie helped me work with an attorney and accountant,” Brittany said. “She guided me through the whole process. It was really transparent.”
Marie went above and beyond what Brittany was expecting from a lender. After chatting with other non-profit lenders and facing nothing but “no’s” she went back to Colorado Lending Source and was able to approve her loan funding. Since refinancing, Brittany has been able to save approximately $1200 a month on payments, allowing her to invest in the growth of her yoga studios.
“We’re thrilled that we’re at that point where we can look at really hard problems and solve them.”
If you’re interested in learning more about the Colorado Main Street Loan Program, visit Colorado Lending Source’s website for further information.
“We’re looking for businesses that make impact,” Mike said. “We’re about community. We want something that makes our state a better state.”
(Check out Thrive Yoga Crested Butte while you’re at it!)