DURHAM, N.C. (WTVD) — Monica Pearce likes to spend her Tuesday afternoons working out and toning her body at Prevailing Pilates. As the costs around her rise, she is not willing to sacrifice what brings her peace. Instead, she’s being cut back elsewhere.
“I’ve cut back a lot on eating out and doing things around the house,” Pierce said. “I like Pilates because it’s low-impact, yet it works all parts of the body.”
It’s a sacrifice Sabrina Seymour, owner of Prevailing Pilates, understands. She has only been in business for three months. Seymour opened the Bull City’s first black-owned Pilates studio, according to the Durham Black Chamber of Commerce.
“I wanted to create a safe space for all bodies,” she says.
The new figures show prices are higher than a year ago due to inflation. Seymour said that made it difficult to get the business off the ground.
“We found that the cost of services and goods was going up significantly. From a startup perspective, it was difficult. We had to pivot a lot and do a lot of things ourselves in order to get out the door. It needed to be done,” she said.
Related article: Inflation report shows cooling prices on eve of Fed rate decision
Andrew Pettigrew leads the City of Durham’s Office of Economic and Workforce Development. He told ABC11 that Bull City has two programs that can offset costs caused by inflation.
“Inflation is something that all businesses, large and small, have to overcome,” Pettigrew said.
The Small Business Program is for businesses with five or fewer employees. Businesses are eligible for this grant of up to $20,000 after completing a four-week bootcamp.
The Small Business Loan Fund is aimed at businesses with 50 or fewer employees. This is a 3% loan and he can borrow between $3,000 and $35,000. For a company to qualify, annual sales cannot exceed $5 million.
“3% loans up to $35,000 are inflation protection. I think most small business loans today are over 8% or close to 10%,” Pettigrew said.
In the meantime, Seymour is enjoying his travels here at Prevailing Pilates. She continues to see clients like Piercem to stay financially stable and help them stay healthy.
“I’m a Pilates girl,” Pierce said.
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