Gems Business Microfinance
Small business loans for gems of business ideas
Although I had support and inspiration from various people along the way as I set up my businesses, at times it’s been a struggle financially. For example I supported myself and my family by working in two additional jobs while I built up one of my first businesses. I also built up a portfolio of properties in the UK and abroad. When the recession hit I was at risk of losing everything, so I made the tough decision to let out my home until I could stabilise my income.
Lack of funding can present a serious barrier for aspiring entrepreneurs. For many women balancing a career with bringing up a young family (and the need to pay for childcare) that can be enough to squash their ambition.
That’s why I decided to set up Gems Business Microfinance – a loan scheme for aspiring female entrepreneurs.
How does it work?
I’ve come together with four other business women to provide small loans for women starting or trying to build up a business. Together we’ll assess applicants’ ideas and decide who to award loans of up to £2,000. Think Dragons’ Den.
Also like the TV show, we expect applicants to be able to speak fluently about every aspect of their business (or business idea) and answer questions about specific details, including cash flow.
If you successful apply for a loan you’ll agree to pay it back in monthly instalments over three years plus 3% interest. The profit will go towards helping other aspiring entrepreneurs. So as well as benefitting yourself, you’ll have the satisfaction of knowing that you’re contributing to a growing pot of money that will help other women fulfil their aspirations.
Gems Business Microfinance loans are based on trust. Unlike standard loans there are no credit checks to go through. However to qualify you will need to sign up for one of my two-day courses. I’ll also provide mentoring to help your business grow.
If you need a bigger cash injection for your business, I will still be able to by connecting you with other funding providers.
So if you’re a woman and think you’ve got a gem of a business idea but need funding to take it to the next level, apply now.
Pick up more valuable tips on life and finance from my book – The New Rules of Success…..