A Derry business woman has revealed how she raised in just three days - the £5,000 she needed to expand her business.
Jordan McGarvey raised the cash, having pitched to 200 private funders in just one online hit through Co-Funder.co.uk, giving them a return of 7.6%.
Now she is taking her grandfather’s traditional barber shop, which started in Creggan Street, Derry, in 1947 into a totally new era and has no hesitation encouraging other small businesses to consider this method of funding expansion and growth.
Loans of between £5,000 and £100,000, are available through Co-Funder.co.uk to sole traders, partnerships and limited companies throughout Ireland says Director Aidan Doherty, who has been in the corporate finance industry for over 20 years.
“The beauty of this kind of CrowdFunding is that it is relatively low risk,” he said. “Funders get to choose what rate of interest they require and in a bidding process the business pays the average rate over the total loan.
“Ultimately funders get a much more lucrative return than if they simply banked the money.
“As we saw with Jordan’s business, she raised the money in a very short time with no red tape delays because we had completed all the due diligence in pre-vetting her business viability. That is the assurance that all our investors have and they get their return on a monthly basis until the loan is paid.
“We have up to £1million pounds ready for investment and we are now actively looking for other businesses whose growth is being held back because traditional funding routes are not available,” he added.
“Our investors understand business and judge the level of risk against the opportunity they see in the company. Their decisions are based on their own experience and the return is better than other investments but the cost to the business is more affordable.”
Co-Funders is actively looking for businesses who need funding and can log onto the website on www.cofunder.co.uk.
Pic 1: Cody Reddie of CoFunder and Jordan McGarvey
Pic 2: Jordan McGarvey with Michael Faulkner (left) and Aidan Doherty, Directors CoFunder
Further information: Sheila Davidson on 07785793672 or Aidan Doherty on 07876406626. Jordan McGarvey can be contacted on (028) 71 280 550.