|Tags:||capital, eCommerce, entrepreneurs, Kabbage, small business, SwedeMom|
Online business owners encounter a number of challenges, particularly when trying to compete with bigger, more established organizations. Keeping up with the competition requires time, dedication and of course, money.
Small business owner and operator of SwedeMom.com and The SwedeMom eBay® store, Cami Nyquist, sells collectables and one-of-a-kind gifts. From home décor to hair accessories, toys to tchotchkes, SwedeMom offers an array of items for countless collectors.
To keep her customers happy and to help her business grow, Nyquist needs access to cash to keep her online store stocked. Instead of tapping into her personal finances, she turns to Kabbage, a company that offers quick and simple cash advances to e-commerce entrepreneurs.
Kabbage considers many factors when identifying how much capital its customers can access. Earlier this year, Kabbage and UPS formed an alliance to support small businesses. Customers can consent for UPS to share their shipping history with Kabbage making it possible for them to potentially obtain more capital at lower rates.
History on e-commerce sales and even shipping data from Nyquist’s UPS account were eligibility indicators. With easier access to extra capital, entrepreneurs like her can more quickly acquire the inventory they need or invest in the advertising they want. They can focus on what they want to do – build their business. Nyquist also takes advantage of Kabbage’s speedy approval process, which takes less than 10 minutes compared to banks that might take many weeks. “It gives me the freedom to focus on business without having to deal with the paperwork that goes along with bank loans,” she says.
Recently, Nyquist was able to hire new employees that help keep her business running smoothly. Other businesses have been downsizing, and she’s been able to capitalize on consignment inventory and deals she might have missed without the incoming cash flow. With help from Kabbage and UPS, Nyquist has increased her workforce, reduced the lag in inventory and kept her business going strong.