The struggle becomes fiercer due to reasons such as the banks becoming more reluctant towards business to provide business overdrafts rather preferring to offer more expensive products or withdraw credit altogether.
The second reason was the businesses were finding it difficult to present their Business Financial Information in a way that maximized the chance for building a successful application for credit.
Considering all such issues, as an alternative to bank overdrafts, Growth Street offers a revolving credit facility for the companies. Growth Street allows companies to access capital as per their requirements, repay as they wish and flexible enough to let them only pay interest for what and when they borrowed.
Market for Growth Street
While working at a venture capital investor company, the founder, Greg Carter found out that many of their portfolio companies were struggling to open basic overdraft facilities with banks. These companies were fast growing and profitable with enthusiasm towards market needs and development. The venture worked towards providing flexible loans to these companies.
The more the team came in contact with other business, they realized there was a greater need for such a platform which could help small and medium businesses as this was a widespread problems much of the businesses faced.
Upon the strength of their opportunity, The Growth Street raised funds from Arts alliance, which is the venture capital firm behind Love Film, Graze and Shazam offering extensive financial services. Most of the company’s revenue is generated from the annual fee the team charges from the borrowers based on size and credit facilities.
Although handling big amount of money comes with challenges, but still, the Growth street team puts in their best efforts to make sure their systems and processes handle the borrowing and lending accurately and quickly.
The Bottom Line
The only message the Growth street team want to share for the new entrepreneurs is, all your efforts will be worthless if you don’t find perfect customers for the product. The team encourages all the new businesses to make sure the market will accept the product they are thinking to develop for them.
With a positive vision towards SMB’s the Growth Street Team is making its best efforts to be the first priority among businesses which are looking to grow. The team offers such companies to utilize their insights, or finance or any advice for their growth and development.