Turning adversity into opportunity
In any business, finding the right employees to execute a mission is crucial to success. In 2023, Lorry Lombard had been working in the recruiting field for over 8 years, helping businesses source top talent. When she was impacted by the mass layoffs in the tech industry, she knew she had the experience and skills to help others in her situation while building her own business.
That’s how LoveFreedom Solution got started. Her vision was to not only build a staffing agency to help match candidates to open positions but also train and mentor other recruiters to run their own operations. Just 4 months into starting her business, Lorry had already secured her first clients.
As Lorry looked to continue to grow her client base, she quickly ran into challenges getting the financing she needed to market LoveFreedom Solution–especially with a lower personal and business credit score.
Getting approved for business financing with bad credit
Lorry had started her business because of her passion for recruitment, but there was a steep learning curve and a long process when it came to building personal and business credit.
“A lot of us [small business owners] know how to make money, but we don’t have the time to work on our credit or work with a credit repair company. So we just focus on what we can control, which is our income. There’s a lot of us that have the money, but we don’t have the credit so we think there’s no funding for us.”
When Lorry started to apply for business financing, she was declined by credit card companies, large banks, and alternative lenders—including Credibly at first—because of her credit. However, while other financing providers walked away after the initial application, Credibly kept in touch with Lorry as she worked to repair her credit and build her business revenue over the next couple of months. When one of Credibly’s financing experts followed up to learn more about her progress, she was ready to try again.
Though her application was initially met with more declines, Credibly’s representative saw potential in her business and the growth it was having and persisted in working with their extensive network of partners to find Lorry a solution.
“Deven definitely helped me out…he did not stop until I was able to find some funding.”
Funded and empowered for growth
Getting financing through Credibly was not only helpful to Lorry because of the funds she secured, but also because it affirmed the potential in her business.
“It gave me confidence that my agency is actually succeeding because I was able to get financing because of my agency, not just because of my credit.”
Lorry plans to use the funds she secured to launch marketing campaigns in the new year to help bring in more clients and recruiters. She hopes to expand LoveFreedom Solution over the next couple of years, empowering other recruiters and finding employment for candidates across the world.
“When you place someone in an opportunity and you’ve found the right person, everyone’s happy. It’s one more employee, it’s one less person that’s overworked, it’s one more person getting income, it’s one less person in the economy that’s struggling. That’s the main reason I love recruiting. I am making an impact in my community and I’m making a difference in another person’s life.”
Struggling to build a financially healthy business? You’re not alone
Lorry is not alone in her story. Many small business owners don’t have a background in accounting or knowledge of building credit before starting their business. Through time and work, you can overcome financial hurdles and achieve your business goals.
Some helpful tips:
- Review your credit report for errors or inaccuracies
- Find areas where you can start paying off debt and adjusting spending patterns
- Work with alternative lenders like Credibly who will look at your business revenue more than your credit.
- Even if you’re not approved for financing, keep in touch with financing providers as you grow your business and your financial health.
Read this guide on how you might be able to improve your credit and get approved for business financing. It’s never too late to start the journey toward recovery and success.