Success Story: Purchase of Business with EDA Revolving Loan Fund Assistance a Smooth Process for New Owner of Durango, Colorado’s Waxed Salon
For Jenna Morrison, business ownership was not a lifelong goal attained after years of planning. It was an unexpected opportunity in which she has found her footing, and hasn’t looked back since.
Morrison is the owner of Waxed, Durango’s only fully esthetic service-focused salon. From hair removal to eyebrow sculpting, Waxed offers a full menu of services for their 2,000-plus-and-growing client base.
When Morrison learned that the previous owner wanted to sell in the fall of 2016, she said having someone else take over the business was never an option.
Morrison’s dedication to the business is a product of her involvement in the growth of Waxed from its original location on North Main to a larger, Walmart-adjacent location. The move immediately brought in new clients, and Morrison was an integral part of shaping the brand and customer service philosophy.
This made Morrison the former owner’s first choice to take the reins, and an EDA Revolving Loan Fund (RLF) loan administered through the Region 9 Economic Development District of Southwest Colorado aided Morrison’s efforts to make the purchase.
“I just didn’t see another way. I had helped her create this, so it just seemed right to step in and take it over. For the previous owner it was kind of like passing the torch,” said Morrison.
The process was not without hurdles, however, and Morrison found her way to Region 9 when finding conventional bank loans presented difficulties.
“We’re mostly a service-based business, so we don’t have a lot of assets for collateral,” Morrison said.
“It was nice to go to somebody local that specifically worked with small businesses.” Morrison adds. “I appreciated where they were coming from saying, ‘you know we’re going to help you with this, but what are you going to give back? And to me that’s been hiring employees and being able to contribute in that way.”
She’s already created 3 new jobs, and looks forward to growing her philanthropic involvement with a focus on community cancer support, specifically contributing her services to women facing a diagnosis and treatment, and still having to present their best selves to the world.
“Not having any eyebrows or eyelashes, you just don’t feel feminine. My mom is a breast cancer survivor, so the cause is very near and dear to my heart,” says Morrison.
When she’s not beautifying La Plata County, Morrison spends her time with her husband and young daughter on their horses as often as possible.