Silver Bear Swim School
In April 2022, Devon and Tynette Millington brought a new opportunity to the families of Lehi, Utah, by opening the first Silver Bear Swim School location in the state. Their journey began with a vision to create a facility where children could develop essential water safety skills while building confidence and athleticism. As a mother of three young boys, Tynette felt the need for a quality swim facility in the area and became an entrepreneur by necessity. Through the couple’s dedication and hard work, Silver Bear Swim School quickly became a community cornerstone, serving children from 6 months to 15 years in an area with a growing demographic of young families.
The road to success wasn’t easy. As a start-up business requiring a specialized facility, Tynette and Devon faced numerous challenges. Ground-up construction of their building was the only viable option since no existing structures could accommodate a pool. Despite their solid financials and the success of the original location in Nevada, they were turned down by 12 different banks. Undeterred, the Millingtons made significant personal sacrifices, including selling their home and liquidating assets, to fund the construction and launch of Silver Bear Swim School.
In 2022, the couple secured a loan, enabling them to purchase land, construct their facility, and start operations. From the moment they opened their doors, the school saw overwhelming demand. By blending personalized teaching methods with engaging activities like games, songs, and toys, Silver Bear Swim School created a unique and impactful learning environment for children. This approach quickly earned the school a waitlist, full capacity, and profitability within two years. Recognizing an opportunity to improve their financial position, the Millingtons refinanced their original loan in 2024 into a $3 million SBA 504 project through Central Bank in partnership with B:Side Capital. This move resulted in a 19% reduction in monthly expenses. The refinance not only improved cash flow but also allowed the business to invest more in operating expenses.
Looking ahead, the Millingtons plan to open at least one additional Silver Bear Swim School location in the greater Salt Lake City area to meet the strong demand for their services. Their story is a testament to resilience, community focus, and the impact of SBA loan programs in supporting small businesses. By creating a safe and nurturing environment for children to learn life-saving skills, Silver Bear Swim School has achieved financial success and made a meaningful contribution to their community.
