Business growth

Growth Finance gives me the upper hand when growing my business

07 July 2017

Born and raised in Gothenburg, on Sweden’s west coast, Ingela Strid raised three boys that developed a passion for figure skating. It didn’t take long before Ingela herself grew attached to the sport. Today she runs a business that distributes expensive figure skating equipment at lower prices — providing opportunities for more children to experience the same joy as her boys did years ago.

“People assume figure skating is not a very gear-dependent sport. However, the contrary is true, and this holds many people with limited resources back from engaging in the sport. I believe all children and young adults should be able to participate, regardless of their financial situation. That is why I decided to put words into action and find cheaper and better options for kids wanting to engage in figure skating”, Ingela says.
 
While searching for affordable options for figure skating equipment, Ingela stumbled upon a distributor in China. She placed an order and hoped for the best. After receiving her order and spreading the word about her business, Ingela was excited to make her first sale. But one sale turned into another, and then another, and before she knew it she was out of stock. Ingela’s business was a huge success!
 
Nine years later and Ingela’s business is thriving. She now manages K-Skate, the largest figure skating shop in Europe. In addition, she hosts a yearly training camp for children and young adults, with around 250 participants.

Funding - the largest concern.

For Ingela, starting up a successful business meant devoting all her time and energy. She even quit her job as a communications-consultant to focus on her passion. All that hard work and dedication continues to pay off, as her business today has a turnover of 5 million Swedish kronor.

"Our growth is largely dependent on the amount of work we can put in together. Growing up in a family of entrepreneurs, I know how challenging it can be to succeed. You have to put in a lot of work and heart. Our main problem is that figure skating is seasonal, requiring us to purchase all our products long before our revenue takes off when the season starts after the summer", Ingela says.

Finding financial help during her off-season purchasing period was difficult for Ingela. Every bank was either too strict or delayed in providing the loan. Instead, Ingela had to rely on extending the time of payment on invoices — by no means a sustainable solution. This changed the day Ingela was introduced to Bambora Growth Finance.

"I was sitting down, scrolling on Facebook. There in my feed was an ad from Bambora…about a type of financing that would be covered by the prospected turnover of card payments. This was exactly what I needed!”, Ingela continues.

Ingela contacted Bambora to solve her financing issues and was granted her first financing of 50,000 kronor in September 2015. The financing was covered by her prospected yearly turnover from card payments. Since then Ingela has used this financing option twice more, each time to help increase her business cash flow during low season when restocking for autumn is necessary.

“Growth Finance is a wonderful way to finance your business as I don’t have to think about the reimbursement. It is charged automatically based on what I sell. It also adjusts to how well my business is going, paying back faster when it’s going well and paying less in times of low season. It is very simple and smooth. I don’t have to worry as much any more of not being able to make the purchases I need for my business to go around.”, Ingela concludes.

About Growth Finance

Bambora offers same-day loans to small business owners. All financing options come with fixed pricing, no interest, and a guarantee that you’ll never pay more than your business can handle — like when turnover is low.
Interested in Growth Finance? Send an email to growth@bambora.com to see if you qualify.

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