Financing small business growth in 2017

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As an Online seller and small business owner you want to spend your time focusing on improving your business. You want to lower your purchasing prices, and improve your profit-margin to ensure further growth. You might even be thinking of hiring new staff members to help boxing and wrapping your orders. This is a particularly common occurrence during the holiday season (which is well and truly upon us now) to help deal with the rush of orders which typically come flooding in at this time of year.

Whichever way you slice, some topics are just not as appealing as others. Bookkeeping and financing for example, are both usually considered chores and left until the last minute. This is a shame, because quick and affordable financing, in particular, can give you the boost you need to take any of the measures mentioned above.

Most smaller sellers for example, do not have sufficient cashflow to hire new staff, even though it would significantly grow business in the medium-to-long term. If you’re in this situation, the facts show that you are not alone. Entrepreneur.com has revealed that a huge 20% of small businesses have considered shutting down, primarily because of lack of growth or cashflow.

One of the key reasons cashflow is so tight for many entrepreneurs, is that banks have stopped lending to small businesses. Indeed, a study from SmallBizTrends.com says that:

Loan approval percentages at credit unions dropped to an all-time index low [in February 2016]”

Although things have stabilised since then, it’s still incredibly difficult for many small business owners to get the funding they need from a bank. The unconventional nature of eCommerce businesses, means that banks find it impossible to accurately assess the creditworthiness of borrowers. Any eBay or Amazon seller will tell you, for example, that revenues rise and fall like the tide of the ocean. Especially for smaller sellers, a bank will see fluctuating revenue as a sign of risk, and decline the loan request.

So banks are not an option. Where can you get quick and affordable financing to grow your small business?

Why use Bitbond?

With banks and traditional credit institutions out of the picture, let’s take a look at a suitable alternative called Bitbond. Founded in 2013, Bitbond has facilitated over 1,500 loans to borrowers located in over 80 countries.

The key advantages of using Bitbond are:

  1. Get approved with strong eBay, Etsy and Amazon accounts
  2. No credit score required (FICO, Experian etc)
  3. Available anywhere in the world
  4. Affordable interest rates, from 1% per month
  5. Free, simple and Online application

Getting a small business loan through Bitbond

Bitbond a global lending platform which specialises in providing loans to Online sellers. By creating an innovative, proprietary credit scoring system, Bitbond can approve borrowers with strong eBay, Amazon and Etsy accounts for loans of up to $10,000/7,500GBP. No traditional credit score, from FICO or Experian for example, is required.

For small business owners looking for affordable financing, the application process is straightforward. Simply head over to Bitbond and click the “Apply for my loan” button. Naturally, application is free and comes with no obligations. It also only takes about 10 minutes and can be done from the comfort of your living room couch.

During the borrower application, you will be asked to connect your Online selling and Social Media accounts. We get read-only access to these accounts, so that our credit scoring algorithm can calculate an accurate credit score.

Within 24 hours you will be emailed your borrower rating on Bitbond. Now you free to publish the perfect loan to grow your business. Loans terms on Bitbond are highly flexible, with the shortest term being 6 weeks, and the longest being 5 years. Below I have included a screenshot of an A rated Etsy seller currently getting funded on Bitbond.

 

 

From the screenshot you can see what a great loan on Bitbond looks like. Here we have a A rated borrower from the United Kingdom, who is looking for financing to grow his Online businesses. His loan of $10,000 will be repaid in monthly installments over the next 12 months at 13.3% per year.

Conclusion

Whether it’s to finance bulk purchases, hire new staff, or improve cashflow, external financing can help you do it. Most entrepreneurs don’t have the reserves to scale their business on their own, but banks have stopped lending.

With bank approval ratings at an extremely low level, small business owners need an efficient alternative lender to fill the void.

From the walkthrough provided above, we can see that Bitbond fits the bill nicely. Available worldwide, and with an innovative credit scoring system, Online sellers can now quickly and cheaply get the financing they need to grow. Application only takes a few minutes, is free, and comes with no obligations.

Get approved on Bitbond today and receive the money you need to grow.

Something I didn’t cover? Get in touch at chris@bitbond.com and schedule a one-on-one phone call with me.

Thanks for reading.

 

1 Response to Financing small business growth in 2017

  1. Excellent article, thanks for sharing! I hadn’t heard of Bitbond but will check them out now to try and get financing.