Plato’s Closet
Customer
Jessica Clark’s remarkable story, from coaching on the basketball court to managing and owning multiple Plato’s Closet franchises, is a testament to her can-do spirit and go-getter attitude. In just over 10 years, Jessica transformed herself from store manager to owner of four Plato’s Closets locations and co-owner of one. Jessica showcased the grit and determination it takes to be a successful retail owner while being both a mother and a mentor, and she’s not done yet.
Challenge
Jessica’s vision to take ownership of multiple Plato’s Closet stores was clear, but she needed the financial means to buy out her business partners and assume full ownership. Simultaneously, managing and expanding multiple Plato’s Closet locations demanded a steady flow of working capital, with ongoing challenges in cash flow management, inventory funding, and payroll.
“I can honestly say that without the KeyBank team, it wouldn’t have been possible.” – Jessica Clark, Plato’s Closet
Solution
To conquer these hurdles, Jessica looked to KeyBank to secure a pivotal and substantial SBA 7(a) loan to address all her capital and ownership requirements. The SBA 7(a) loan is a catch-all program because it is suitable for most types of industries, and several loan purposes can be combined into one loan. KeyBank’s dedicated SBA team provided unwavering support, skillfully guiding Jessica through the loan process to turn her dreams into reality. Jessica said, “I can honestly say that without the KeyBank team, it wouldn’t have been possible.”
Results
Beyond financing the acquisition of four Plato’s Closets locations, Jessica’s relationship with KeyBank extends to essential services like cash management and fraud protection. Leveraging various KeyBank products and services, she envisions exploring new investment opportunities and expanding her businesses further. Jessica’s entrepreneurial and contagious spirit thrives as she envisions coaching/consulting other Plato’s Closet managers/owners and expanding to new locations in the future.
To learn more, contact a local KeyBank Relationship Manager or visit key.com/sbalocations.
To learn more about Plato’s Closet, visit platoscloset.com.