Where is my wool? Business Loans
Youtuber: Welcome, Monday. Let’s make the most of it. The theme of today, for the whole month: Where is the wool for my business?
Have you ever gone to borrow, who do we ask? To the mother, to the father, to the relatives, to the brother-in-law and already you saw that they did not lend you or you occupy more. Well, we have a guest that I want to introduce himself and tell us where he comes from, who is our guest today?
Guest: Hi, thank you Emmanuel, and thank you all. My name is Robert Zapata, I am from Opportunity Fund, we are a non-profit organization that helps small businesses access the capital that is responsible and transparent.
Youtuber: Now, let’s explain in other words what does this mean for me? I have my business, and the truth is, I do not know if it is a loan that my business needs. Roberto, What business needs a loan?
Guest: Amm … I would say, everyone, to me because they all need to say to make payment, to take inventory, to help your business grow, if you need to advertise, something like that, that is what we try to focus on in giving again capital that is responsible and transparent, and grow in our fund.
Youtuber: Roberto, how hard is it to go and ask for a loan with you?
Guest: I would say it’s not very difficult, but that requires a bit of context.
Youtuber: Let’s see, let me ask you something, are those loans right now popular and people, because of their lack of information, take them because they are so easy?
Guest: How easy it is, because right now it’s a little difficult for the typical small business owner to go to the bank to get a loan and then, say, with the lenders, non-responsible territories is the reason that they are well sold. Inaudible
Youtuber: What is the price that ends up paying someone who asks for such attractive loans because of how easy they are? How much do they end up paying? Do you have an example that you have already seen of someone who lent you a money with those high interests?
Guest: Yes, there are many, I do not want to say the companies, but the reason, for example, would be a loan that I saw that was for 10 thousand dollars and the payments were for like 400 dollars each month for some say about 6 years. So if you do the account is like 100% interest and typically with many of these companies they charge the interest first, then you are paying the interest to start and never during the first years of the loan your payments will reach the beginning, always You would be paying interest and you would not see many changes in what you owe.
Youtuber: Wow! So what would be an option B? Option A is that easy loan with very
Guest: Well, our program is to be responsible and help that small business, owner, owner, understand exactly where you are with your business, understanding that I am now learning how to finance your business, nobody teaches you in the school, and with that because many people are falling into dangerous loans because it is very easy and it is very fast. So with our program the idea is to give you a consultation, help you understand where you are with your business, where, right now tell if you want to buy inventory or something like that, the example of 10 thousand dollars say, we help you understand that right now you can do, use the 10 thousand dollars with the inventory but we created a strategy so that in a day say in about four or five years, you can apply about 45, 50 thousand 600 dollars.
Youtuber: Excellent. So, to compare the two products that are in the market, an easy loan with a high interest you end up paying double what you borrowed, but if you look for a program like Opportunity Fund, with a healthy interest those 10 thousand dollars will be they are paid in two years, how much would the cost of that loan be?
Guest: It would be with our program as 494.
Youtuber: That’s 1,500 dollars compared to the other you’re paying double.
Guest: Yes, and with us there is also no prepayment penalty and they also understand what too many of these lenders, who charge very high interest, they are not typically responsible in the credit then that is one of the biggest obstacles for small businesses , understanding that for a responsible lender we typically go to see the credit, say it if you pay a loan, say an example for 10 thousand dollars interest, say 100% or something, then you will never have a history.
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