We needed funds for expansion – to add another
Grocery Bazaar store/location in Satellite Town, Lagos. The challenges with accessing funds are numerous, but the most important impediments were:
Collateral requirement by commercial banks and
Speed of loan executions – the time it takes to put loan requirements together and the approvals process, most times these processes are cumbersome and never-ending.
With Flex Advance, I like that I do not have to worry about loan repayments since deductions are done at source from my daily sales proceeds. And of course, I also like the ease with which the loan was processed.
The cash advance we received has allowed us to add a location in Satellite Town, Lagos. And the experience has been fantastic.Coming from a banking background, it is a relief to know that a company out there has identified a gap in the funding needs of Nigerian businesses and it is plugging that hole with an innovative solution.
- Sam Ejeh, Founder/CEO
100 Hours Restaurant & Lounge
Once the product was introduced to us, we realized that it could easily improve our cash flow and allow us embark on minor renovations to our facilities. It was majorly needed to bridge our cashflow gap resulting from credit advance to our customers.
Secondly, the major challenge from getting funds elsewhere is the issue of security. It's not every one that has a security to pledge for minor facilities. Also, the interest rate from most finance houses is outrageous and unrealistic to support SMEs. There is of course the issue of unending processing and approval-seeking.
The most interesting thing about the Flex Advance is the simple way it's processed and the ease of repayment. It's wonderful.
Lastly, the cash advance was immediately used to pay outstanding invoices, salaries and a bit of renovation. Extremely handy.
-Wale Okuwobi, CEO