Young entrepreneur Alexa Santti became the first business owner to receive a U.S. SBA microloan from the Community Loan Fund in March when she purchased Closet Treasures consignment store in Grantham.
While Alexa Santti was growing up in Sunapee, N.H., she remembers frequent trips to a consignment store in nearby Grantham, called Closet Treasures, where she was excited to browse the colorful toys and racks of clothing. Sixteen years later, she has a different vantage point — she’s now the owner of the business.
On a recent Friday afternoon, Alexa was behind the register, bagging a pile of clothing for a customer with her mother, Kara, working beside her. A lit sign reading “We are open,” a birthday present from her boyfriend, hung in the window.
Now 23 years old, she never planned on becoming a small business owner. But when she heard last fall that Closet Treasures was closing, she worried about the rural region losing an important resource. There are few local stores in the 3,434-person town and the business has a loyal customer base.
“It’s a very community-oriented store, it has something for everybody, and it's one of the only clothing stores in the area,” she said. “It’s a 20-minute drive to the closest store and a lot of people would be spending $50 for two pairs of pants for their child, while here they can come in and get 10 different outfits and be able to afford it.”
She said it was her mom who encouraged her to take the leap.
“I have four years left of schooling to get my doctorate in psychology, and I was at another job that I wasn't moving up in anymore,” Alexa said. “My mom used to run thrift and consignment stores, and she said, ‘Well, what if you just met with [the owner] about it?’”
Alexa emailed the owner of the store and within just a few days, they had an agreement.
She spent the next several months purchasing a point-of-sale system and making plans to modernize the business as the original owner’s March retirement approached.
But two weeks before she planned to officially buy the business, the local bank gave her surprising news — Alexa’s loan request was too small for the bank to finance.
Luckily, the bank recommended the New Hampshire Community Loan Fund and Alexa met with Steven Iannuzzi, our business resource specialist focused on small-business lending and coaching.
In January, the Community Loan Fund was designated as a new Small Business Administration microlender by the U.S. Small Business Administration. As a microlender, the Community Loan Fund can provide fixed-rate loans up to $50,000 to help for-profit, registered businesses and licensed nonprofit childcare centers with working capital — in both New Hampshire and Vermont. The loans can also be used to purchase fixtures, supplies, furniture, and more.
With the Community Loan Fund’s experience lending to entrepreneurs who don’t have access to traditional financing and providing personalized coaching, it was a perfect fit.
Alexa became the first business owner in New Hampshire to receive an SBA microloan from the Community Loan Fund when her loan closed on March 4.
“Steven was really fast too because he knew that my business was opening two weeks later,” Alexa said. “Being able to stop by my store to see everything, and talk in person and sign all the paperwork — that was super helpful for me as well.”
Steven said he tries to meet with every new borrower in person if possible.
“I was just happy we were able to help her and keep a community store open,” he said.
After only two months of ownership, all the items Alexa acquired with her purchase of the business have found new homes and the hand-written tags have been replaced by a sales system that automatically discounts items, splits consignor profits, and prints tickets for tagging.
“You guys are getting fancy!” one customer said when Alexa explained the new consignment system.
Alexa knows her numbers — there are more than 10,000 items in the store to keep track of, after all — and she has big plans for more offerings.
“There's not a lot of stuff for teenagers and people in their 20s and 30s, which is what I would like to branch out to eventually,” she said.
Alexa’s mother, Kara, was proud to see her daughter follow in her footsteps.
“I didn’t know I influenced her that much,” she said with a laugh.
We support local small businesses because of the greater impact they have on communities. They are the source of jobs and often are central gathering places that provide much more than goods and services.
Businesses like Closet Treasures are the heart of their communities. Investing in them brings returns that go far beyond their economic impact.
Number of people who have consigned items at the store.
Average sale at Closet Treasures.
Number of items Alexa Santti tagged for sale during her first month of owning the store.
Percentage of small business owners who are under 34 years old. (U.S. Census Bureau)
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