Fifteen years ago, Lyn took the plunge and rented a space to launch Kaboodle Body Beauty in Sawtell, just south of Coffs Harbour. Lyn says, “I was so scared about going out on my own and taking the responsibility.” Thanks to Lyn’s hard work, the business grew quickly. The success encouraged Lyn to start thinking about what was next.

In 2017, Lyn decided to open a second location for the beauty business. She asked one of her trusted long-term employees to partner in the new enterprise, but the employee declined. So, Lyn took it on as a personal challenge. She knew what she wanted to achieve.

After finding suitable premises in Moonee Beach, 25 minutes north of Coffs Harbour, Lyn approached her bank for finance. She was asked to put her home as collateral and like many business owners, it didn’t feel quite right. Like many small business owners, Lyn was reticent to access finance, preferring to make it happen herself. However, Lyn knew that the additional funding was necessary to pursue her expansion.

So, she tried CommBank instead, where she started with an overdraft. Cashflow was an issue in the early days and the Business Overdraft allowed Lyn to access additional funds directly from her business transaction account, helping her manage business cash flow and unexpected expenses.

Getting on top of the challenge

The Moonee Beach business was slower to take off than Lyn had anticipated. Lyn experienced a run of difficulties, and the stress mounted. With things not going to plan, she realised it was time to make a change.

Lyn made an appointment with CommBank to discuss the solution, where she met Felicity. They talked for a long time as Felicity asked Lyn about her needs, the business and what she wanted to achieve. “I explained my situation, and Felicity really listened. She took on the challenge and made it happen,” says Lyn.

It took a few visits to the branch to get Lyn’s BetterBusiness Loan in place. The loan is designed to fund business growth or purchase commercial property. For Lyn, it provided the additional funding she needed and consolidated her old overdraft into one simple repayment. The move to the BetterBusiness loan took the pressure off Lyn and she was able to focus on growing her business in Moonee Beach.

Lyn and Felicity remain in regular contact to this day. “It’s not just about the business. It’s like we share each other’s lives. It feels like she’s part of my team,” Lyn says. “Even now, I just text or email her and get a response straight away. The first person I called when the pandemic hit was Felicity.”

Back in control

Lyn says that in the past, it’s felt like the business wasn’t her own. Now, the simplicity of Lyn’s BetterBusiness loan has provided her with the confidence to manage her finances and her business. Lyn explains that “I feel like I’m in control of my life and business. The overwhelming stress has been replaced with freedom. The business is now exactly what I had imagined, although I’ll always welcome more customers.”

Overcoming her initial fear of starting a business and accessing finance with CommBank has allowed Lyn to follow her passion. “It can be scary but really rewarding.” Lyn’s employees love working at Kaboodle, and that comes across to clients. Lyn says CommBank supported her to go after what she wanted, and she is now more independent and decisive. “With CommBank, I can achieve my goals,” Lyn added.

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Things you should know

  • This article represents opinions and views of the customer's personal experiences only and has been prepared without considering your objectives, financial situation or needs. Before acting on this information, consider its appropriateness to your circumstances.  

    Rates are subject to change. Fees, charges and Terms & Conditions apply. 

    Commercial Lending products are only available to approved business customers and for business purposes only. Applications for finance are subject to the Bank’s eligibility and suitability criteria and normal credit approval processes. You can view the Business Lending Terms and Conditions our Financial Services Guide and the Electronic Banking Terms and Conditions and should consider them before making any decision about these products and services. Full Terms and Conditions are included in the Loan Offer. Bank fees and charges may apply.

    Online applications are subject to eligibility criteria and occur via BizExpress. BizExpress is currently available for unsecured loans up to $250k and $1m secured by residential or commercial property. The loan must be wholly and predominantly for business purposes.

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