Website
  • Covid Business Recovery
  • Advising
    • Start Your Business
    • Grow Your Business
  • Training
    • Webinar & Events
    • Partner Webinars & Events
    • On-Demand Videos
  • Resources
  • Programs
    • Innovation Commercialization Assistance Program (ICAP)
    • International Business Development Program (IBD)
    • Craft Beverage Assistance Program (CBA)
    • Early Education Business Program
    • Cybersecurity
    • Veterans
  • Successes
  • About Us
    • Staff
    • Office Locations
    • Sponsors
    • Results
  • en English
    ar Arabiczh-CN Chinese (Simplified)en Englishfr Frenchde Germanhi Hindiit Italianpt Portugueseru Russianes Spanishvi Vietnamese
Website
  • Covid Business Recovery
  • Advising
    • Start Your Business
    • Grow Your Business
  • Training
    • Webinar & Events
    • Partner Webinars & Events
    • On-Demand Videos
  • Resources
  • Programs
    • Innovation Commercialization Assistance Program (ICAP)
    • International Business Development Program (IBD)
    • Craft Beverage Assistance Program (CBA)
    • Early Education Business Program
    • Cybersecurity
    • Veterans
  • Successes
  • About Us
    • Staff
    • Office Locations
    • Sponsors
    • Results
  • en English
    ar Arabiczh-CN Chinese (Simplified)en Englishfr Frenchde Germanhi Hindiit Italianpt Portugueseru Russianes Spanishvi Vietnamese
  • Covid Business Recovery
  • Advising
    • Start Your Business
    • Grow Your Business
  • Training
    • Webinar & Events
    • Partner Webinars & Events
    • On-Demand Videos
  • Resources
  • Programs
    • Innovation Commercialization Assistance Program (ICAP)
    • International Business Development Program (IBD)
    • Craft Beverage Assistance Program (CBA)
    • Early Education Business Program
    • Cybersecurity
    • Veterans
  • Successes
  • About Us
    • Staff
    • Office Locations
    • Sponsors
    • Results
  • en English
    ar Arabiczh-CN Chinese (Simplified)en Englishfr Frenchde Germanhi Hindiit Italianpt Portugueseru Russianes Spanishvi Vietnamese
Website
Website
  • Covid Business Recovery
  • Advising
    • Start Your Business
    • Grow Your Business
  • Training
    • Webinar & Events
    • Partner Webinars & Events
    • On-Demand Videos
  • Resources
  • Programs
    • Innovation Commercialization Assistance Program (ICAP)
    • International Business Development Program (IBD)
    • Craft Beverage Assistance Program (CBA)
    • Early Education Business Program
    • Cybersecurity
    • Veterans
  • Successes
  • About Us
    • Staff
    • Office Locations
    • Sponsors
    • Results
  • en English
    ar Arabiczh-CN Chinese (Simplified)en Englishfr Frenchde Germanhi Hindiit Italianpt Portugueseru Russianes Spanishvi Vietnamese
2020Access to CapitalBusiness PlanNorthern Virginia

FitOne Personal Training Studio

Tracy Nayar March 31, 2020

The SBDC has a plan that fits

With a capital infusion of $183,000 from M&T Bank, FitOne opened its new location, increased its client base, hired new trainers, and offered more services.

FitOne Personal Training Studio

After close to 20 years in business, Jill Stump and Caity Davis, owners of FitOne Personal Training Studio, found themselves at a business crossroad. “Last November we were told that our lease was due to be renewed, and the new owner was raising the rent by 40%,” Jill recalls. That rate increase was unsustainable for the successful fitness studio located in the heart of Alexandria’s Old Town.

Jill and Caity found a new space nearby, but there was a problem. “The building had been vacant and needed a lot of work,” Jill explains. The answer, as it turned out, was just down the road. “My mom, who lives in Richlands, Virginia, knew about the SBDC through a friend,” Jill relates. “She told us we should check it out. That’s when we discovered that the Alexandria SBDC was literally two blocks away.” Jill and Caity decided to visit.

“We spoke to Gloria Flanagan first, and she put us in touch with Business Analyst Jack Parker,” Jill continues. When Jack, a former banker, asked the fitness pair what he could do for them, their answer was direct. “We told him, ‘we need help all around,’” Jill recalls with a smile.

The first step was funding the building renovations. Jack analyzed Jill and Caity’s current banking relationship to determine lender interest and worked with them to develop a formal growth plan. When the fitness pair’s large bank could not find a way to expand a line of credit to accommodate their requirements, Jack introduced Caity and Jill to M&T Bank. That resulted in an SBA Express loan for $133,000 and a line of credit for $50,000. “Jack helped us research the numbers and revise our business plan,” Jill explains. “We could not have made this move without the help of Jack and the SBDC.”

The two partners made a leap of faith by moving to the new location in a matter of months. The grand opening was May 1, 2018. “We’ve really taken off in our new building,” Jill says. “Our client base increased, we hired new trainers, and we added new services. Everything is increasing!”

Now Jill and Caity are looking to implement additional plans, including a virtual exercise class. “It’s a way to reach more clients,” Jill says. “People anywhere can log on and take the class. It’s also great for those who travel for work — we’ve always wanted to offer an option for them.”

“I can’t say enough about how instrumental the SBDC was in helping with the whole process,” Jill concludes. “Caity and I were scared about moving and taking out new loans. Because of the help we received from the SBDC, we felt comfortable with our decisions. We couldn’t have reached this new level without them.”

Ambrogia Caffé & EnotecaAmbrogia Caffé & EnotecaMarch 31, 2020
Abner Butterfield Ice CreamMarch 31, 2020Abner Butterfield Ice Cream

Contact Us

+1 703-277-7703

help@virginiasbdc.org

10306 Eaton Place
Suite 180

Fairfax, VA 22030

Stay Connected

Facebook Instagram Twitter Linkedin Youtube

Funded in part through a Cooperative Agreement with the U.S. Small Business Administration and GO VIRGINIA, a state‐funded initiative administered by the Virginia Department of Housing and Community Development (DHCD) that strengthens and diversifies Virginia’s economy and fosters the creation of higher wage jobs in strategic industries.

Copyright © 2021 Virginia SBDC. All Rights Reserved