In Africa millions of people log into Facebook every day looking to socialize and escape from the stress of work. Only a few of these people know that Facebook itself can be the actual workplace. Facebook is no longer just the place to share cat pictures only, but a flourishing avenue to network with thousands of people. Using the platform, smart entrepreneurs can easily reach a wider audience and spread the word out about their business.
The low start-up costs and an established user base mean that Facebook is the first choice for small merchants to reach a wider and increasingly international audience beyond their traditional local market. It is no surprise that millions of online retailers in Asia now run their entire business through Facebook selling everything from shoes and clothing down to cars.
However, the challenge facing many small business owners in Africa is how to get access to the capital required in reaching and serving their new enlarged audience. The traditional banking system for small entrepreneurs in less developed economies is limited and riddled with long and tiring assessment processes as well as high-interest rates. It is even harder for big banks to deliver loans on less than a couple of hundred thousands of dollars. This is because banks tend to generate a lot more revenue on larger loans than they would do with the smaller loans. And that is where the GrowthBond comes in.
Having discovered that the problem faced by small businesses as regards funding has never been about repayment rates, but the costly and inefficient methods of assessing, delivering and charging repayments on loans, GrowthBond was established. The GrowthBond platform is designed to automate the credit assessment process for small business owners, cutting waiting times by weeks, reducing loan operating costs, and slashing minimum loans from thousands to hundreds of dollars.
In addition to helping with financing, GrowthBond also provides a marketplace of internet marketing experts that helps provide technical and business support for small business owners looking to start up and run ads on Facebook and other social platforms.
GrowthBond has set out to help finance at least 4,000 businesses before the end of the year 2019. After which it would expand to 10,000 per quarter from next year after. This will in no small way, help a lot of young entrepreneurs easily grow their online businesses.
To learn more GrowthBond and its easy financing options, please visit http://www.growthbond.co/
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