This week we are delighted to bring you a case study with Deji from Space Evolution. Deji is a repeat borrower on our platform, currently having his third business loan funded on Bitbond. In this case study, we discuss how is previous loans have helped him grow his business, and what this loan will be used for. Let’s get started.
B: Thank you for taking the time to talk to us. You are applying for another loan on Bitbond and we are very excited to interview you again. Could you start off by introducing yourself to our new readers and telling us about your business?
Hi My name is Deji. I have successfully taken 2 loans on Bitbond and proud to say they were both paid up in full ahead of time! I sell a variety of my company branded products on amazon.com and the loans I got on Bitbond helped me to increase my working capital, increase sales, get bulk discounts from my manufacturers and improve my profit margins. I currently have a new loan application live on Bitbond and I am optimistic is will be fully funded.
B: Did you find it difficult to start your own business in Nigeria? What was the most difficult about it?
It was not too difficult starting my business because I had a fantastic trainer that basically walked me through the process of creating my own brand, manufacturing my products, getting them made in china and selling them on Amazon. The difficulties I have faced were more operational in nature.
In fact, it was one of those challenges that led me to Bitbond. There were policy changes in Nigeria that made it difficult to access Dollars . I needed Dollars to pay my suppliers. I started researching alternative payment methods online, which led me to bitcoins and Bitbond. Today the rest is history. I am looking to get my 3rd loan and I recommend Bitbond to anyone who cares to listen to me.
B: Could you tell our readers about the previous Bitbond loans and how they impacted your business?
My previous loans helped me to increase my profit margins. When you order goods from China, the higher the volume the better the discounts. With more funds at my disposal, I could negotiate better, get better prices and improve my order turnaround time.
his increased my profit margins. Basically I take working capital loans from Bitbond and apply them to my business to get better deals.
B: What made you choose Bitbond again for your small business financing?
I have an e-commerce business in a format that is not really popular in Nigeria. This makes it difficult to get a Bank loan ,because most people don’t really understand how the amazon FBA system works. This made Bitbond a great option for me and also the interest rates on Bitbond are better.
I also like the whole online ecosystem using block chain technology. I see it as the way of the future and its critical to be playing in that space to keep in tune with the most up to date trends.
B: What tips would you give small business owners for their business, and for getting a loan on Bitbond?
For your business I really recommend you get an experienced mentor who can show you the right way to go. Also don’t hesitate to try new things. I tried Bitbond and it has been great. To get a loan on Bitbond, don’t be disappointed if your loan application is not successful.
Make sure you try again and again. Read comments on other loans to get a feel of what gets an investor to key into a loan. You will be successful at your loan if you keep trying and improving on your loan application.
B: What part of the process does Bitbond need to work on? What would you like to see us introduce?
There are lots of other successful crypto currencies now. I think it would be great if there was a way people could also invest in loans using other coins. I guess this would have its challenges at first but I think it would broaden the loan opportunities and grow the Bitbond platform.
B: Have you used other sources of financing and how does Bitbond compare to them?
Well I have used loans from family and credit cards. I think Bitbond is definitely better than credit cards because you get a longer term. Family is always great (as long as you pay up on time) but seriously Bitbond makes sure to make the best use of the money that has been entrusted to you because you want to make sure you have a clean credit history.
B: What do you think the future holds for bitcoin? Is your society aware of bitcoin?
Bitcoin is really huge in Nigeria. I still think its largely driven by speculation. That’s why practical uses of Bitcoin like what Bitbond has done is important to ensure Bitcoins become less volatile. Bitcoins will always be around and will definitely continue to influence how we spend and do business.
The next 2 to 3 years will be exciting. Who know what will happen.
B: Thank you very much for talking to us Deji. Investors can check out Deji’s loan here.
Latest posts by Chris Grundy (see all)
- Pick the Best eBay Repricer! Our Top 10 - April 20, 2018
- Which is the Best Amazon Repricing Tool? Our Top 10 - March 28, 2018
- 1741 Fund Management and Bitbond Launch SME Lending AIF for Professional Investors - January 31, 2018