- Loan Amount: $10K
- Term: 8 Months
- Use: Expansion
- Industry: Non-Profit
After successfully running the School of the Immaculata for a number of years, John Giotis discovered there was a high demand for another campus to open up in a neighboring city. The challenge he faced when seeking a business loan to fund this expansion was finding a lending institution that was willing to help him finance a non-profit voucher school.
Unlike businesses, non-profit organizations are founded and operated with a mission to serve their communities in any way possible, which often means they have a small budget and may not retain any profits. The School of the Immaculata, however, was fortunate enough to remain profitable year-over-year.
We turned to some traditional financial institutions… for a little bit of seed money for our second campus and they literally laughed in our faces.
After getting turned down by a local bank, Mr. Giotis went online to start searching for alternative business loan providers and stumbled upon SnapCap. It was immediately clear that SnapCap was a great solution not only because they were willing to help when nobody else would, but also because of SnapCap’s fast turnaround and the professionalism of the entire team. Mr. Giotis commented that there’s no way to quantify the value of an organization that is willing to help a non-profit turn lives around, and that’s literally what SnapCap did.
How do you put a price tag on a child’s life? Unfortunately the traditional financial institutions did.
With the support of SnapCap, Mr. Giotis obtained a $10,000 loan with an 8-month repayment term. He used the funds to open a second campus and to provide the necessary supplies and materials for his students. “I recently got a call from a gentleman in Texas who originally started a number of charter schools nationwide and he said he’s looking for profitable startups that are proven to be effective. During that conversation he mentioned he could help me find financing. And I just said, ‘I don’t even need that, I’ll just go to SnapCap next time,’ ” said Mr. Giotis.
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“Ironically, now I get bombarded with offers from financial institutions, but my response is always the same; "I'm good, we are all set with SnapCap.”