“I can’t stress enough how easy my Pursuit team made the loan process,” says Monet Murphy, owner of a new Chubby Cheeks 3D/4D Ultrasound franchise in Pittsburgh, PA. Her business provides elective prenatal ultrasound services, generating images that foster bonding experiences between babies, parents, siblings, and loved ones and enrich the prebirth months.
Here’s how a Flex Loan for southwestern PA-based businesses and an SBA Microloan helped Monet secure her franchise, outfit her studio, and bring this extraordinary experience to people throughout Pittsburgh.
Seeing business potential in an elective service
“Pregnancy is such a special time to learn about your baby and deepen the bonding experience, but many people who are pregnant only receive ultrasounds at a couple of points and primarily for medical purposes,” Monet explains from insight gained over four years working in a prenatal-care clinic in Pittsburgh, as well as through conversations with friends, family members, and others.
After researching elective-ultrasound businesses, Monet found the North Carolina-based franchisor that was a perfect fit for what she wanted to achieve – enabling people in urban Pittsburgh to gain access to services that were otherwise geographically out of reach.
“There are other elective-ultrasound businesses around Pittsburgh,” she says, “but none within this neighborhood. To me, that was more than a missed business opportunity – it meant that people who are expecting and who don’t have easy access to transportation, like their own cars, can’t take advantage of this opportunity during such a special time in their lives.”
Creating a plan and finding financing
Monet developed a business plan and financial projections with help from Jonny Gamble at the University of Pittsburgh Small Business Development Center (SBDC), honing her vision as she researched funding options.
Until she learned about Pursuit, financing was a challenge. Monet says, “Despite having a proven franchise opportunity and a thorough business plan supported by solid financial projections, I couldn’t find good options. Conventional bank loans, for example, require 30-40% as a down payment, which puts them out of reach for many entrepreneurs, including me.”
Fortunately, she persisted, and while meeting with the Urban Redevelopment Authority of Pittsburgh team, she received a recommendation to contact Pursuit.
“Once I got in touch with Pursuit, things really took off,” Monet says.
Two loans to get up-and-running
Monet worked with Pursuit AVP and Senior Business Development Officer Steve Meredith, who recommended applying for two loans – the Flex Loan and an SBA Microloan. Unlike conventional loans, the Flex Loan only requires a 10% down payment, making them much more affordable than conventional small business loans.
“Steve took the time to ensure that I was comfortable with the terms and repayment amount,” she says. “And he made the process easy by giving me a checklist of everything I needed. Whenever I needed guidance, he was responsive and supportive. It was wonderful!”
Within about three weeks, she was approved for financing to secure her franchise, set up and equip her studio, and get marketing in place. “The SBA Microloan will help with day-to-day costs while I get the business rolling,” Monet says.
As a result, less than five months since deciding to open her own franchise, Chubby Cheeks is open for business.
Business Advisory Services to hone essential skills for success
In addition to working with Steve on financing, Monet is working with VP and Senior Business Strategist Malini Krishna, of Pursuit’s Business Advisory Services (BAS) team. Malini has introduced Monet to experts who are helping her learn critical skills and tools for small business success, such as bookkeeping, as well as access to business networks, all at no cost to Monet.
“The BAS consultants are helping me put systems in place to ensure I do things correctly from the start while supporting long-term growth,” Monet explains. “As a sole proprietor working on my own, through the BAS services, I have access to networking events to meet other entrepreneurs and experts. It has been amazing!”
Pursuit can help your dream business become a reality
“If you have a vision for what your business can be, keep asking until you get the right ‘yes,’” Monet says. “I know there’s tremendous potential for Chubby Cheeks, but I needed the right financing and Pursuit offered that to me. They truly want small businesses to succeed.”
From $10,000 to $5.5 million, Pursuit offers financing for working capital, equipment, commercial real estate, refinancing business debt, and more for businesses in New York, New Jersey, Pennsylvania, Connecticut, Nevada, Illinois, and Washington.
Contact us to learn more.