Here at Become, we know that small business owners face steep odds when applying for funding through banks. It’s no secret that more than 80% of small business loan applicants are denied financing by their banks.
But even we were surprised to hear just how tedious the process was for Patricia Fields, the founder and owner of Essentials Massage and Facials of Trinity.
After helping Patricia get the business funding she needed, we followed up with her to find out how she enjoyed her experience with Become. What she told us may surprise even the most seasoned business owners!
Finding the courage to start up
Before we reach the part in her story where Become entered, let’s fill you in on how Patricia’s business came to be.
Essentials Massage was founded in 2015, though Patricia has been working in the industry for more than three decades. She knew that the time had come to share her skills with her clients on her own terms. That’s when Patricia took the leap of faith and established her business.
As is the case with most up-and-coming small business owners, Patricia encountered her fair share of obstacles when getting started, including financing her startup. But fast-forward five years later and there’s no question that she was able to face those challenges head-on and overcome them successfully! Today, her business employs more than a dozen experienced professionals including massage therapists, estheticians, cosmetologists, and even a hypnotist.
Being the savvy business owner that she is, Patricia quickly recognized the strength of Essentials Massage and decided it was time to expand – that’s when her business funding search began.
Knot the right solutions
It came as no surprise to Team Become that Patricia had tried other routes to get business financing before she found us. What did come as a surprise was what happened when she approached her long-term bank…
When she submitted an application for a secured business loan through the bank that she’s been with for more than 20 years, Patricia believed that her approval odds would probably be pretty good.
Boy was she wrong! Patricia explained:
“I’ve been with my bank for 20 years, I run $1 million through their bank every year…no outstanding loans – and they turned me down for a secured loan. I pay all of my taxes and do everything by the book. It’s unbelievable.
Once I’m done paying off my this loan [through Become], I’m switching banks. I love the bank manager where I’m at, but I feel like I’m wasting my time developing a relationship with them. It’s unreal what’s going on out there…The banks are just a waste of time.”
Imagine that – spending nearly a quarter of a century building a close relationship with your bank, doing everything right, and then getting turned down in your time of need. The resulting level of frustration and disappointment could leave some business owners feeling hopeless, and understandably so.
Patricia Fields is not one of those business owners!
AmEx needs to loosen up
In her efforts to get additional funding for her business, Patricia looked beyond her bank. She pursued online lenders, private lenders, credit cards, and so on. As you may have already realized (since she’s the star of this success story), those other financing solutions also failed to meet her needs.
Among those alternative options included American Express, where she was interested in the product they’d offered but was left disappointed by the lack of effective support throughout the application process.
“Even with AmEx, I don’t know if I’d even be approved yet, and I’ve been in their processing for a couple of weeks. They don’t even call you – you have to call them and find out if you’re missing documents or anything.
[Become] kicked American Express’s butt. It almost seems like they’re inept. It was insane how tedious it was. It’s literally been a circus with them.”
While applying for alternative funding solutions, she encountered other issues such as offers that were simply not worth taking – “the rates were so oppressive and so expensive. The APR was simply horrendous.”
It certainly is tough out there! With all of that said, Patricia’s difficult time finding business funding ended when she discovered Become.
Become’s got your back
Unlike banks and private lenders, Become’s funding marketplace allows businesses to compare their funding offers from multiple lenders and choose the best offer for them. Moreover, our Account Coordinators are there to help you every step of the way.
“I would definitely recommend that people try Become, because you guys are the bomb. You provide the kind of funding service that business need, and the rates are good!
I’m amazed that business people wouldn’t understand that these rates are the norm. I think some people are fiscally ignorant to think that your loans are expensive. I couldn’t recommend you guys more.”
Where American Express had asked for tons of documents and paperwork, the Become application simply asked for business bank statements and her credit score. 24 hours later, Patricia had several funding offers to choose from, including coveted government SBA Loans – which she was able to acquire.
Where alternative lenders offered astronomical interest rates, Become was able to match Patricia with lenders that offered her much more reasonable rates.
In her words, the Become application and approval process was “the absolute fastest, and the absolute easiest”.
We’re always grateful to receive such positive feedback from business owners, but knowing how difficult it was for Patricia to find the right funding made her feedback all the more valuable.
So what does the future hold for Essentials Massage and Facials of Trinity?
“My plans are to expand, expand, expand in all ways. To open more medi-spa services; to open a couple more locations; to acquire more real estate. And yes, I’ll want to come back to you guys for more funding to continue expanding!”
We’ve got your back Patricia!
If you own a small business and need funds to expand or cover cash flow, check if you qualify for business loans with one of Become’s 50+ lending partners today.