Startups
What Can I Do if I Don’t Have Money to Grow My Business?
![What Can I Do if I Don't Have Money to Grow My Business?](https://adigitalboom.com/wp-content/uploads/2019/03/entrepreneur-1.jpg)
Wouldn’t it be nice if growing your business was as simple as taking two aspirin? When you wake up the next day, your business would have doubled in size overnight.
That’d be exceptional. Unfortunately, business growth doesn’t work that way (yet?). We need scientists to start working on that right away.
Your business may have periods of stagnation where it neither slows down nor expands. You might think these periods are not bad, but let me tell you, they’re not good either. Owners know the importance of giving their businesses a boost, but not that many are happy with the investment it requires.
Many entrepreneurs turn to small business loans as a quick solution to have cash on hand they can invest strategically. But knowing where to invest the money is a very important first step toward achieving your business goals.
![Camino Financial logo](https://adigitalboom.com/wp-content/uploads/2019/03/camino-financial-logo-1.jpg)
Camino Financial’s Logo
I’m ready to invest, but what area should I do it in?
Don’t let insufficient staff members stop your growth
A grill and bar owner has a steady flow of loyal customers who tell others about his establishment. Word of mouth marketing has helped the business grow immensely.
But now, employees can’t keep up and service has been getting slower and slower. The business owner doesn’t want unsatisfied customers to leave, so he decides to get a small business loan to add another bartender and two additional waiters and one more chef.
He contacts an online lender, is approved for the loan, and receives the needed funds within 7-10 business days. He is able to repay the 24-month loan at a comfortable interest rate and monthly amount.
After a few weeks, his business continues to flourish and employees and customers are happier than ever. If necessary, he won’t hesitate to get another loan in the future.
Expanding production can be very sweet
A gourmet candy business started out small in the owner’s home kitchen. She was able to grow her business with hard work and delicious products. Recently she expanded to a commercial location, but she faced a dilemma.
She got a new client, a wholesale that placed a huge order. The problem is that she needs to purchase more mixing tanks, coating machines and cooling drums to meet the demand, but she used her funds in the expansion.
She estimates that a $24,000 loan should cover costs and unexpected expenses. By acting quickly and getting a small business loan, the candy owner is able to increase production and fill orders on time.
Technology can take you to a brighter future
A miniature golf course owner realized that even though his business is doing good, it could do better if he could charter for a whole new audience.
He’s not exactly tech savvy but knows the importance of connecting with younger customers. He decides to hire an app developer so that he can offer customers a more updated way of keeping scores.
After getting a small business loan and hiring the developer, customers can not only download the new app to keep scores, but to make reservations online and win perks for every visit they make.
By combining technology with capital, this business owner will be able to provide a livelihood for his family for future generations.
Marketing can help you fish for new customers
A local fisherman decided to charter his boat to enthusiastic sports fishermen as a way to make more money.
The business owner knows the best places to fish but he needs to set his business apart by creating a unique brand. He plans to repaint the boat, create a logo and employ a marketing consultant to set up advertising campaigns.
He works with a loan specialist to go over funding options and select the best small business loan for his charter business. After acquiring the loan and making immediate changes, he has trips scheduled six months in advance.
Are You Ready to Grow Your Business with a Small Business Loan?
Owning a business is rewarding even though you must make decisions along the way that might be hard.
Like the business owners already mentioned, you can use a small business loan to provide needed capital during a crucial growth phase. You should be able to optimize business growth by increasing cash flow and funneling money to specific business areas.
By applying for a loan you can make necessary purchases and get your business out of a slump.
Are you ready to get to the next level?
What would you use a business loan for?
Startups
Rising from Debt: Al Nashmiah Farms’ Battle to Empower Indebted Women
![Rising from Debt: Al Nashmiah Farms' Battle to Empower Indebted Women](https://adigitalboom.com/wp-content/uploads/2024/02/Alnashmiah-farms.jpg)
Al Nashmiah Farms, committed to aiding women burdened by debt and facing the threat of incarceration, offers a novel solution for them to earn their way to freedom. Under the leadership of Razan Harb, motivated by her family’s financial struggles, the farm has become a pivotal force in rescuing those ensnared in the debt trap, providing them with employment and a sense of purpose.
Harb, observing the plight of many women who took loans in hopes of improving their families’ fortunes, only to be overwhelmed by unfortunate circumstances, economic downturns, and oppressive taxes, has established a farm that serves as both a source of employment and a supplier of high-quality produce to major markets.
The farm’s operations include the provision of household essentials, emphasizing the importance of quality through methods such as nitrogen sterilization and the use of healthy packaging. Additionally, Harb has initiated work-from-home opportunities, enabling women to engage in the packing of vegetables and fruits for market and direct sales, thereby offering a sustainable model for economic independence and recovery from debt.
News
GoDaddy’s Global Markets VP Predicts Egypt’s E-commerce to Hit $9.88 Billion by 2028
![GoDaddy's Global Markets VP Predicts Egypt's E-commerce to Hit $9.88 Billion by 2028](https://adigitalboom.com/wp-content/uploads/2023/12/Selina-Bieber-the-Senior-Director-of-Global-Markets-at-GoDaddy.webp)
Selina Bieber, the Senior Director of Global Markets at GoDaddy, has predicted a significant increase in Egypt’s e-commerce revenue. By 2028, it could reach $9.88 billion.
Godaddy is forming strategic partnerships and launching initiatives to help local entrepreneurs. These efforts align with Egypt’s digital transformation goals and its Vision 2030.
In an interview with the Arabic financial news “Amwal Al Ghad,” Bieber spoke about GoDaddy’s plans and how they match Egypt’s 2023 strategy. She highlighted the company’s aim to provide effective, easy-to-use digital tools and services. By 2024, GoDaddy wants to serve more customers in Egypt by making its digital tools more widespread.
The company is working closely with the Egyptian government, especially the Ministry of Planning. They are offering training programs to improve the digital skills of startups and existing businesses. GoDaddy’s services in Egypt include domain registration, web hosting, e-commerce solutions, and digital marketing tools.
Recent surveys support Bieber’s positive outlook for e-commerce in Egypt. They show a clear trend towards digital strategies among small businesses. Many are realizing the importance of having an online presence for their growth and success.
As GoDaddy continues its partnerships and supports government digital initiatives, its influence on Egypt’s digital landscape is growing. The company is committed to sustainability and reducing its carbon footprint. It aims not just for business growth but also to contribute to a sustainable and thriving digital economy in Egypt.
The 2028 projection indicates a vast potential for e-commerce, with GoDaddy playing a key role in this digital evolution.
Apps
Saudi Fintech ‘Lendo’ Raises $28M in Series B Funding
![Lendo Secures $28M in Series B Funding Led by Sanabil Investments, Eyes IPO](https://adigitalboom.com/wp-content/uploads/2023/12/Untitled-3-1.webp)
Lendo, a Saudi Arabia-based shariah-compliant debt crowdfunding marketplace, has raised SAR 105 million ($28 million) in Series B funding led by Sanabil Investments, a wholly-owned company by the Public Investment Fund (“PIF”). The round saw participation from Shorooq Partners, AB Ventures and other investors.
Lendo is a Shariah-compliant, debt crowdfunding marketplace that helps pre-finance outstanding invoices for businesses in Saudi Arabia. The platform is a community of creditworthy borrowers and sophisticated investors looking for alternative investments. The platform is licensed by the Saudi Central Bank (SAMA). Lendo will use the funds to support its fast-growing customer base in Saudi Arabia which has grown 3X year-on-year, introduce more innovative financing products, and accelerate market expansion plans.
“With this funding round, we are going to expand into new markets, support new and current customers, and launch new Shariah-compliant products, all the while continuing to innovate the marketplace for digital lending. We are going to make financial services more accessible, affordable, and inclusive for everyone. I am excited to see what the future holds for our company,” said Osama Alraee, CEO, and co-founder of Lendo, who also disclosed its plans for an IPO within the next few years.
Alraee has also expressed his gratitude to SAMA (Saudi Central Bank), Fintech Saudi, MCIT, Misk, and Monshaat for their unwavering support, emphasizing the pivotal role they have played in advancing financial inclusivity and fostering innovation in partnership with Lendo to reshape the financial landscape. Their dedicated efforts in advancing financial inclusivity and fostering innovation have been invaluable to us. We greatly appreciate their partnership in our mission to transform the financial landscape
Commenting on the announcement, Sanabil Investments said: “Lendo is a leading fintech company that is transforming the financial services industry in their specialist area of Shariah-compliant digital lending for SMEs. The Lendo team, especially the founders, Osama and Mohamed, have achieved a significant amount in a relatively short period, and we are eager to join their journey of increasing access to flexible financial solutions in Saudi Arabia and the region at large.”
“The growing demand for alternative, agile, and accessible lending solutions presents a significant opportunity. At Lendo, we are well-positioned to lead the charge in promoting financial inclusion not only in Saudi Arabia but also beyond. By fueling SME growth, we aim to contribute to the realization of Saudi Arabia’s Vision 2030 economic goals and to create a ripple effect of opportunity throughout the MENA region,” said Mohamed Jawabri, COO, and co-Founder of Lendo.
Lendo previously raised a SAR 27 million Series A funding round ($7.2 million) in 2021 led by Derayah Ventures with participation from Seedra Ventures and other investors, bringing the fintech’s total funding to SAR 132 million ($35.2 million).
Since the inception of Dec 2019, Saudi fintech Lendo has processed more than 2,500 financing transactions on its platform, providing over SAR 1 billion ($300 million) in financing to SMEs and generating SAR 140 million ($37 million) returns for investors.
The Small and Medium Enterprise financing landscape in the Middle East and North Africa (MENA) presents a substantial market opportunity as limited financial access continues to restrict the growth of the region’s businesses, with commercial banks hesitant to issue loans to SMEs at scale, resulting in a high percentage of declined financing requests annually. According to the International Finance Corporation (IFC), the SME financing gap is estimated at SAR 19.5 trillion ($5.2 trillion) every year in developing countries.
Lendo’s debt crowdfunding platform aims to bridge the financing gap for SMEs, which aligns with the Saudi Vision 2030 to significantly expand SME lending from 4% in 2018 to 20% by 2030.
The total value of debt crowdfunding in Saudi Arabia surged from 1.4 million SAR in 2019 to SAR 771 million in 2022, marking a remarkable 430% growth, according to SAMA’s annual fintech report 2022.
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