Today we’re bringing you an interview from our borrower Daniel, from Zulia, Venezuela. Daniel specializes in selling technology online through Latin American online retailer MercadoLibre and is looking for financing to expand his business. You can view his business loan here.
B- How did you find out about Bitbond?
D- I discovered Bitbond through Google, after searching for keywords such as how to do business online and how to acquire foreign currency. This also made me rediscover bitcoin, a concept that I had read about a few years ago but hadn’t paid much attention to. This led me to discover the new way to receive business loans online, and apply for a loan with Bitbond.
B- Can you explain what your business is about?
D- I try to find niches and market demands that are not currently being covered on different online retail sites, especially MercadoLibre, a platform I am particularly active on (follow the link to see my profile).
Venezuela currently has a strong internet penetration that has been steadily growing and it’s currently around 12 million people.
In my business I contact suppliers and sellers in Asia (China) and research the products that offer a good price-quality ratio. Once I have made sure the supplier is trustworthy and that the product is ok, I get it imported to Venezuela.
B- What platform do you use for your online business?
D- My only platform at the moment is MercadoLibre, it’s the one that I feel is more serious and trustworthy and at the same time I want to be seen as trustworthy by my customers. There are some other platforms though, like Olx.com.
B- What do you sell?
D- My main product categories are phones, tablets, computers and accesories (covers, suitcases, cables, chargers, screen savers, etc..)
B- What’s the current situation for ecommerce companies in Venezuela?
D- Ecommerce in Venezuela is getting harder by the day. The problem of not being able to acquire foreign currencies complicates the life of those who, like me, make a living from import-export businesses. And in Venezuela everything has to be imported.
The only way to get foreign currency is through the black market or the parallel dollar market, since there’s a shortage of foreign currency, prices can be 200% higher than the one officially established by the Venezuelan Government. Because of this, Venezuelan people’s purchasing power has declined considerably, as people have to prioritize where to spend their money.
B- Do you think there are enough ways to finance a start up online company in Venezuela?
D- There are no financing opportunities for entrepreneurs in Venezuela apart from traditional banks. If you don’t have enough capital to start your business, you have a problem.
B- Why did you decide to take a credit with Bitbond?
D- I decided to apply for a loan on Bitbond because I find it trustworthy and the repayment terms are adapted to my needs.
B- Can you tell us what’s the aim of your loan?
D- I applied for it in order to expand my online business, as there are very few ways to acquire foreign currency to keep importing goods.
I plan to use the loan to purchase articles in China.
After that, I expect to invest back in bitcoin and help people in the same situation as me, be able to generate capital and also analize payment tendencies and how the bitcoin market works.
You can access Daniel’s business loan here.