EZBOB: interest only small business loans
EZBOB now offers interest only small business loans
EZBOB have announced the UK’s first interest only loans product on the market specifically designed for online merchants. At the same time they’ve doubled online funding to increase the maximum loan size to £40,000, recognising the need for funding for small businesses
This announcement comes just a day after the Bank of England admitted that High Street bank lending to small businesses has dropped by £4bn in the last quarter. EZBOB’s business is making sure e-tailers have access to the financial backing they need to grow their business
EZBOB’s interest only loans and instant funding of up to £40,000 is a viable alternative to traditional bank lending for the growing e-commerce sector in the UK (and it’s about the only sector of the economy which is growing!). For a fast business loan an e-tailer simply needs to visit ezbob.com, complete the online application and they will receive a funding offer with interest only loan terms. A small business who received £10,000 in funding will pay on average £300 – £400 in interest per month leaving ample cash flow for business needs.
While EZBOB is offering eBay seller loans and Amazon seller loans the company recently announced a partnership with ChannelGrabber, which enables ChannelGrabber’s 1000 customers to potentially be able to use their Play.com and website sales to increase the amount they can borrow. EZBOB intends to announce new strategic partnerships in the near future and widen its offering to more SMEs.
“We are strong advocates of the UK’s e-commerce sector. We estimate that online merchant SMEs sell in access of £10 billion per year in the UK alone. This sector is one of the bright spots in today’s economy. After discussing with our customers, we realized that a grace period is a formidable proposition for online sellers” stated Tomer Guriel CEO of EZBOB. The benefits of this type of business finance are many.
“A majority of e-tailers turn over their product at least once every three months. With our new offering, e-tailers can buy inventory, import product, pay for office costs and advertising, and not have the pressure of heavy monthly repayments. Basically we are freeing up cash flow” concluded Guriel.
He’s right too, the ability to order products and pay for them and only pay interest for the first three months, giving time to import the products and to get them listed and selling before repaying the capital is an attractive option. It’s just a shame that high street banks don’t have the same attitude towards small businesses and it’s why services like EZBOB are making the alternative lending market such an attractive proposition.