“We are incredibly grateful for the support and expertise that ACSBDC offered us at the onset of our project. The three of us are excited to continue our relationship with the ACSBDC as our business grows. With the vast number of seminars offered as well as the personal guidance, we’re confident the ACSBDC will help us succeed long into our business venture.”
Marquee Salon is a collection of experienced, independenthairstylists in Oakland, California founded by Ocean Edgar, Jenny Lund and Dannielle Pimm. They are to be the first high end hair salon in the up and coming Temescal District.
The three business owners share a lengthy work history in the East Bay, having started their careers together over ten years ago as apprentices at the prestigious salon in North Berkeley. They’ve since left and have been working for the last few years as independent stylists. Out of a desire to create an environment that better suits their individual styles, workmanship and showcases their talents in a more suitable environment; they decided to pursue their dream of business ownership.
The immediate challenge facing Marquee Salon was the speed at which they needed to get the project off the ground. They had found the perfect location but did not have all the funds to properly start a business of the magnitude which required a fair amount of construction costs (as well as the purchasing of both equipment and retail product). Commercial space goes fast in a desirable neighborhood. They needed to secure an SBA loan so they could sign the lease and start the project immediately.
They first started working with a Business Advisor at the ACSBDC. Their Business Advisor patiently guided them through every aspect of starting a promising business; the focus being primarily on getting financial projections and a business plan that was suitable to present to the SBA for funding. The underwriters at the Oakland Business development Center who processed and eventually approved a loan for $58,000 were impressed with the thoroughness and organization of the application.
After the loan was submitted, they continued working with ACSBDC’s Lee Lambert who guided them through negotiating the lease. Lee was able to help them target the areas in which there was need for clarification. He pointed out potential risks and also pushed for concessions that resulted in very favorable terms and a reduction in the base rent.
Funding was secured. The lease was signed. The salon should be up and running by Fall 2012.