Debt is a pervasive issue that affects millions of people worldwide. Whether it is caused by student loans, credit card debt, or medical expenses, being in debt can feel overwhelming and hopeless. However, with the right support system and education, there is hope. There are countless people who have successfully paid off their debt and have achieved financial freedom such as BCL of Texas’ (BCL) lending client, Jacqueline McCroskey. Jacqueline had a lifelong dream of owning an equestrian facility and after graduating college with a degree in Equine Studies, she moved to Texas, where BCL helped her bring her dream to reality by providing lending capital to the land that would soon become Needville Equestrian Farm.

When taking out a loan, people can feel a range of emotions that may affect them mentally. It is common to experience anxiety and stress due to concerns about being able to repay the debt or managing finances. To combat these emotions, it helps to educate oneself about the terms of the loan and have a strong support system along the way. When Jacqueline realized a loan was the only option for her, she was only 4 years out of college and a teacher at the time. “I graduated in 2011, opened in 2015 and during that time I was teaching and then decided to do the leap. You get told no 20 times until you get a yes. I had no capital, so I was scared but I had people believing in me and I knew my skills were there. When I got the yes, I also got help with a business plan through BCL, and the support of family and friends as well.”

Jacqueline had a tough time finding the right lender for her business. Some advice she has for finding your lender is to “research online and when talking to everyone (banks and business lenders) stem a positive relationship and see who you end up feeling the most connected to. Also, do not say yes to the first yes you get, really seek out every option available and try to develop a relationship.”

Responsibility and trustworthiness were the qualities she was in search of and quickly found within BCL. “I really liked that BCL was a nonprofit and that their CEO, Rosa Rios Valdez is a successful woman in this space. I really look up to her since it is harder for a woman to be successful in business. I looked for experience and a small organization that can create a relationship with me.”

Jacqueline opened her farm in 2015, but it was not easy. She had to get creative to make money when the month was tight. Jaqueline’s advice to pay off her loan is “take it one month at a time, when money was tight, I was creative and shifted my services to group trail rides to get quick extra money. I was open to innovative ideas, trying new things like camps, sleepovers, trail rides, and see what worked and did not work, it is the only way you will learn.”

Jacqueline’s advice for young entrepreneurs is to keep working and keep learning. She still reaches out to mentors for advice and takes lessons with other professionals. You can learn something from everybody. Jacqueline’s farm is doing so well that she is now importing horses! We are so proud of Jacqueline and her accomplishment in paying off her debt.