Every thriving business begins with a bold vision, a truth that the WSFS Business Banking team knows well, having helped hundreds of entrepreneurs bring their dreams to life. For Rico Macaraeg and Steven Schnelle, that vision centered on building a community around health and fitness. Their entrepreneurial vision led them into franchising with SWTHZ, a cold plunge and infrared sauna studio creating the contrast therapy market. Starting with a single location in New Jersey, their journey continued into building StriveWell, an entire investment platform focused on building and investing in recovery, longevity, and low-impact fitness.
Scaling a business in the competitive health and fitness industry, however, takes more than ambition. It requires grit, strategic financial planning, and, critically, a banking partner who understands the unique growth path of emerging enterprises. As CEO, Macaraeg recognized the need for this kind of ally and was drawn to WSFS, not just for its reputation as a lender, but for its genuine commitment to relationship-based banking and serving as a strategic advisor.
A Partnership for Expansion
After a successful first opening in 2024, Macaraeg and Schnelle prepared for the next phase of growth. The company, looking beyond a single franchise, expanded its SWTHZ business and developed further into the health and fitness space by opening in August 2025 STRONG Pilates studio, which combines traditional Pilates with cardio and strength workouts.
“WSFS didn’t just see a loan application; they saw the potential of the StriveWell brand and equipped us with the capital to turn our vision into a reality,” said Macaraeg.
The partnership was anchored by Small Business Administration lending expert Carl Buchholz and his team. WSFS provided loans for all three locations, as well as the capital to allow for timely openings for further expansion. Flexible payment options, quick turnaround on needed capital, and personalized banking expertise allowed StriveWell to move at the speed of opportunity.
“Rico and Steven came in prepared and had the data to support their ideas,” said Buchholz, Vice President, SBA Team Lead of WSFS Business Banking. “As a business lender with a nationwide footprint, we’re able to offer unique options for our clients, but it’s up to them to do the research about the franchise they are entering into.”
WSFS, as a preferred SBA lender, has nearly 200 franchise brands across different market verticals, including child-related brands, the service industry, food sectors, and StriveWell’s target market of retail and boutique fitness. For StriveWell, WSFS Bank’s decades-long expertise meant operational efficiency and foundational knowledge. That expertise also came in handy when it came to expanding its commercial real estate footprint.
“Finding a banking partner who understands the franchise model is a game-changer,” said Macaraeg. “WSFS provided the financial tools we needed, but more importantly, they offered a partnership that felt invested in our success.”
Foundational Ingredients for Success
A key aspect of StriveWell’s continued success can be traced to the resiliency and ingenuity of its founders. Macaraeg’s Navy background and Schnelle’s Peace Corps service instilled hard work, grit, and a service-oriented mindset into both of them.
“At the end of the day, when the lights are off and everybody’s gone home and your colleagues have put in 8 to 10 hours, you have to be the person that puts in 12 to 14 hours,” said Macaraeg.
His other key ingredient for a thriving business? The ability to think like a customer, a mindset he developed while serving as the Chief Marketing Officer for several global brands. It’s a mentality he works to instill in each of his colleagues.
“We understand lifetime value,” Macaraeg said of the customer experience. “Each person who works in our studio is a leader and is empowered to make decisions that are best for the customer, and they are going to use data to do it.”
Fueling Your Own Growth Story
StriveWell recently opened its third SWTHZ location and the first STRONG Pilates studio, with even more expansion on the horizon. To stay up to date on StriveWell’s journey, follow the company on LinkedIn.
StriveWell’s story is proof that the right business banking partnership can provide more than capital; they can work directly with you and your entrepreneurial vision to unlock remarkable growth.
If you’re ready to embark on your own business journey or take the next step toward expansion, connect with a WSFS Business Banking associate to discover how relationship-focused guidance and customizable solutions can help you achieve your goals.
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Candice Caruso is Senior Vice President, Chief Business Banking Officer for WSFS Bank. She is responsible for Small Business, SBA Lending, and SBA Relationships. She joined WSFS in 2018 as Senior Vice President, Director of Government Guaranteed Lending and brings more than 20 years of experience in the financial services industry, including 15 years as a business funding expert.
