Success Story: SBA Loan

Where other banks see obstacles, we see opportunities.

When Ruth Agbaji, CEO of Code Wiz, was ready to grow her business, she turned to Northern Bank to help her expand her franchise. 

Franchising Challenge
Ruth Agbaji started Code Wiz in 2017 and was ready to grow her franchise in 2018 but had run out of credit operating her business.

She needed funding to help her achieve her ambitious plan for a national franchise.

When I called the bank I had my previous loan with to inquire about a new loan to expand, the banker actually yelled at me on the phone and said, ‘what are you doing, are you crazy?’ Clearly, this was someone who didn’t understand how to work with entrepreneurs who think big.

Northern Bank Difference
Enter the Business Development Manager at Northern Bank’s Acton branch.

“When I first met with Ruth, after learning about Code Wiz through a business connection, I could tell how passionate she was. She had just won the Next Gen franchise competition (2018) and it was clear she was an incredibly hard worker and was not going to be deterred from her plans. That’s exactly the type of business client we want to partner with at Northern Bank.”

“After meeting with the Business Development Manager, I expected Northern Bank to come back and tell me there were problems with my loan application,” Ruth continued. “I didn’t believe it would go through, but the SBA loan was approved with as little stress as possible. It was my first loan with them and it was a big one. It was almost like they were funding me based on their belief in me.”

A Growing Partnership
Ruth now has plans in the works to expand Code Wiz to 500 franchises nationally in the coming years. Northern Bank is excited to be partnering with Ruth to help her vision become a reality.

“In addition to getting her approved for an SBA loan through our Business Lending Team, we set Ruth up with a line of credit, coached her on the documentation process and she now has the key partners to grow this franchise,” Northern Bank explained.

“I wanted to be able to find a banking partner that I could refer my franchisees to,” Ruth continued. “Northern Bank is the kind of financial business partner that is always in your corner. There are no ‘gotchas.’ They give me the support I need to be successful."

This year, Code Wiz was awarded the SBA Women-Owned Business of the Year.
"Northern Bank had the same faith in me, I had in myself and they were willing to fund my dream.”

About Ruth Agbaji

Ruth grew up in Nigeria, taught herself computer programming, graduated from Tufts University with a Master’s in Computer Science and landed a job at Microsoft before starting her business, Code Wiz, which she has successfully franchised and plans to expand nationally.

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