If you’re familiar with Chi’Lantro or the Hops & Grain Brewery, you’re already familiar with the virtue of Able Lending. (See bottom of page to enter to win $100 to Able-funded Chi’Lantro BBQ)
We love local, and Able is a new Austin-based company with the same passion. They’ve taken a new approach on the business loan process and helped several businesses we love achieve their full potential.
Take Hayley Groll, for example, hair-stylist and owner at Shag Salon on South Lamar. As an employee at her previous salon, Hayley had a loyal clientele in Austin who would refuse (and continues to refuse) to have their hair done by anyone else. When the existing salon she worked for announced that they were going out of business, Hayley found herself questioning her options.
“Able changed my life, and made my dream of owning my own salon in Austin a reality. The process was easy, fun and inspiring. I truly enjoy every conversation I have with the Able team, and I feel extremely lucky to be a part of something I really believe in.” –Hayley Groll, Owner of Shag Salon
What makes Able different?
Getting a loan from Able is a collaborative process involving Backers, friends and family willing to help fund your loan. Backers help reduce the loan’s interest rate and provide a way for outside investors to get involved in your business without you having to give up equity.
Backers fund 25% of the loan (which ended up being $25,000 from clients, friends and family in Hayley’s case). Then Able matches the other 75% with interest rates that are much lower than industry averages.
Then Able manages the loan, so the business owner can focus on running his or her business.
The Able loan application process:
- Go to Able’s Website and enter your email and zip, then fill out the short profile on the following screen. Able will contact you within 24 hours with some financial questions.
- Should be 6 months or more in business
- Generate $50,000 or more in revenue
- Need funds for growth like working capital, hiring, a new location, purchasing equipment or inventory, and more.
Chi’Lantro used Able to finance the build out of their first brick and mortar restaurant on South Lamar; Hops & Grain used their Able loan to purchase inventory and expand their taproom to host more customers. How will you use Able to grow your business?
To enter to win $100 to Able-funded Chi’Lantro BBQ, click the image below: