Small Business Development Center Helps Billings Woman Purchase Local Apricot Lane
Apricot Lane, a well-known boutique franchise with a location in Billings, has changed ownership with help from the Billings Small Business Development Center. In November 2023, Katherine Howland approached the Billings SBDC with a desire to purchase the franchise location from the current owner. Unsure of what to give the lender for financing, she sought assistance with business planning and cash flow projections.
The Billings SBDC staff supplied Katherine with a business plan template and explained the company’s historical financials. They also helped with projections and prepared Katherine for her visit with her lender. Her experience as the store’s manager, along with the knowledge she gained from the SBDC, strengthened her credibility with the lender, leading to successful financing.
“Katherine was a joy to work with! She is very knowledgeable about fashion and the financials of business, as well as being coachable and smart,” said Lorene Hintz, regional director of the Billings SBDC.
The Billings SBDC is a regional location of the Montana Small Business Development Center, a network dedicated to helping small businesses succeed. The network supports 10 regional locations across the state with a focus on free one-on-one counseling and low-cost training in areas crucial to the establishment and longevity of small businesses. The Montana Department of Commerce funds the SBDC in part through a cooperative agreement with the U.S. Small Business Administration.
With the SBDC’s help, Katherine bought the Apricot Lane location and inventory for $440,000. She also borrowed $440,000 from Yellowstone Bank and contributed $100,000 of her own funds for franchise fees and working capital. To celebrate both the new ownership and the 13th anniversary of the Apricot Lane Billings location, a grand re-opening was held in March.
Of her experience working with the SBDC, Katherine said, “It was great to meet with Lorene at the SBDC as a jumping-off point. She led me in the right direction and kept the process from being overwhelming!”
Apricot Lane’s impact on the community is clear. It offers high quality outfits for an affordable price in the Billings area and its staff works tirelessly to ensure women of all ages have access to fun, flattering and timeless clothing. Commerce is proud to contribute to the success of small businesses such as this through the services offered by the SBDC.
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