Running a small business is time consuming. Just ask Jessie Smitham, executive director Sylvan Learning Guelph, Ontario. Trying to reach her after 2:30PM – when the students she tutors start to arrive – is all but impossible and the rest of her time is spent running her business. Located near Kitchener on the outskirts of Toronto, Sylvan‘s Guelph franchise provides tutoring support for about 100 K-12 students at a time.
The franchised company, which has premises across North America and the Middle East, is an all-inclusive education support provider that prides itself on providing personalized support for people of all income levels.
It is a business where helping those who need it is more important than profit. What this means in more practical terms is that having financing option available is critical. Financing that is easy to use, for Jessie’s sake, and flexible, for her clients’ sake.
Accessibility Through Financing
On average a family can expect to pay more than $2000 to get six months of learning support with Sylvan, the most common option. Jessie estimates one in every six of the families she deals with couldn’t afford to sign up without the availability of financing, which she does solely through Crelogix. Not only would this mean not helping as many children needing help but it would cost her as much as one-sixth of her annual revenue.
Jessie said she had stuck with Crelogix as a sole financing partner because of its ability to offer an easy, fast and guaranteed service. “The number one advantage for me is that it is easy and not time consuming,” she said. “Because I’m busy, if I have to fill out a whole bunch of difficult paperwork and spend a lot of time with it I probably wouldn’t do it. It also entices people to sign up when they otherwise wouldn’t and it does allow some people to afford a bigger package than they normally would.” Consumer financing has proved so easy and popular with her clients that almost one-third of them currently use it.
The Flexibility to Grow
There are two key factors driving the high use of Crelogix financing at Sylvan. The first was a decision by Jessie to accept clients of all credit ratings, a policy reversal that came about when she took over as executive director more than a year ago. Previously it had only accepted those with an A and B credit ratings – deemed safer borrowers they inevitably secured better deals. While all loans with Sylvan clients are guaranteed, borrowers are assigned a credit rating of A, B, C or D – and this will determine the deal they get. Jessie’s decision meant more families could afford to sign on, boosting business. The second driving factor is Crelogix increasing the regularity of zero-percent financing offers. Jessie said when zero-percent offers were available, financing became popular with people who didn’t need it.
Working with SMEs (Small and Medium Enterprises)
Jessie says there are several other key advantages to Crelogix financing for SME owners like herself: namely easy-to-access support and reliability. Often too busy to pick up the phone and definitely too busy to wait on hold Jessie stays in contact with Crelogix via notes on loan files. This allows her to stay on top of it in her own time. Email updates are sent any time updates are made on Crelogix’s end. She has also found Crelogix’s payments so reliable she no longer double checks the figures on her end – freeing further precious time. “The payments that go into my account are always on time and the documentation is prompt and accurate so I don’t need to worry about always checking my numbers and making sure that nothing has gone wrong,” she said. “Honestly if I had the time and the knowledge to do self financing it would be something that I would look at. Obviously I would get to keep an extra 15 per cent of my money. But running a small business is hectic and crazy, with no time to do something like that – so Crelogix is perfect.”