OWINGS, Md. – Local music school Garrett Music Academy is raising money to expand its student offerings through a new online investment platform. Local residents will now have the ability to invest directly in the academy by purchasing Small Business Bonds on the SMBX marketplace.
“Like many businesses, Garrett Music Academy struggled with how to serve the community during the pandemic. We shifted to online music lessons and our students didn’t miss a beat,” said Krista Garrett, founder and director of the Garrett Music Academy. “We also want to give back to the community by allowing them to invest directly in our ongoing success. Issuing Bonds on the SMBX marketplace allows us to do that.”
“We’ll use the funds to create new student programs focused on how music can help improve mental health in children, teens, veterans, and adults dealing with anxiety and depression,” Garrett added.
Residents can purchase Garrett Music Academy’s Small Business Bonds for as little as $10 and begin earning 7.5% interest* through direct monthly payments over 5 years. For example, a $100 investment would yield $120.23 at the end of the term*. A $1,000 investment would yield $1,202.28 over the same period*. The Bonds can be found at www.thesmbx.com, but only for 2 more weeks when the raise closes.
The SMBX is a financial marketplace that connects qualified small business owners with everyday investors. By issuing a Small Business Bond™, businesses can borrow money from existing customers and their community at competitive rates, raising the funds needed to expand their business.
“The SMBX marketplace was inspired by the belief that there was a better way for small businesses to access the financing they need to grow and succeed. We want to help local entrepreneurs advance their goals and aspirations in a community-minded, community-led fashion,” said Ben Lozano, CEO and co-founder of SMBX. “The Garrett Music Academy exemplifies that approach.”
Garrett Music Academy’s philosophy is that music is for everyone, and the programs they’ve developed reflect that vision. The academy provides classes for young children, private music lessons for school band and orchestra students, and programs for mature students looking to maintain memory, mobility, and cognitive brain function. The school has 1,500 enrolled students, one major summer program and two year-round programs.
The academy is also developing programs to help people start their own music businesses or to scale their current business models. Some of the students of Garrett Music Academy have gone on to professional music careers and one has even become a music therapist.