Receiving a small business loan can be a huge hassle; On the other hand, using this loan effectively for marketing can be even a bigger challenge, hence the need to learn about GrowthBond
GrowthBond– a Danish fintech company with operations in Nigeria aims to solve both problems. The fintech company provides collateral-free loans for small companies to run online marketing. Apart from the loan, GrowthBond also provides a dedicated marketing expert who can help with launching Facebook & Google advertising campaigns, creating a landing page and online store, as well as setting them up.
How much loan you can get
The company gives out an average loan amount of $100 (or N36,250) for a first-timer. However, once the first loan is successfully repaid by a company or individual, then the participant will be eligible for a bigger loan of $1000 (or N362,500). The maximum amount is $50 000 (N18,125,000). That money helps extend a company’s reach, and GrowthBond charges a 20% commission from new sales until the loan is repaid.
Apart from helping small businesses, GrowthBond also educates and employs local marketing freelancers who work for funded startups. The company organizes digital marketing trainings, helps freelancers build a portfolio and get a first job.
GrowthBond is currently operating in Nigeria, Kenya, and the Gambia. Within a year, the company successfully provided over 1000 loans to businesses in a variety of spheres: manufacturing, design, restaurants, retail, etc. We have some big plans for Nigeria: we’re looking for a local partner, planning to organize meetups for companies and freelancers. According to Ferdinand Kjaerulff, the founder of GrowthBond, the availability of affordable capital for small and micro businesses is crucial for the economic growth of Nigeria.