As the Coronavirus pandemic continues its streak across Europe, businesses both large and small are bracing for imminent problems. This is not a slow process, as world economies are being hit quickly and forcefully. It is time to pull out all the stops and fight for survival.
We have already seen many examples of how citizens are uniting to help each other, and Wisefund is on the same track. On March 17, Wisefund announced it will provide an option to get financial support via crowdfunding loans, especially for small businesses across Europe that have seen a reduction in revenue and are experiencing related restrictions due to Coronavirus.
Businesses that have seen significant sales decreases of 25% or more will be eligible for loans from €10K to €250K to help mitigate losses in profit. Interest rates will be from low to medium to support the businesses, and Wisefund will take no commission. They will review applications within 2-3 business days and get ready for signing and publishing with the quickest possible approach. Typical borrowers on the platform are businesses with established histories, operations, and assets. All in all, Wisefund supports the added value these businesses create in the economy and wants to help get them back on their feet as quickly as possible.
The crowdfunding industry is rapidly changing the way smaller companies fund their activities, allowing them to bypass the strict rules of financial giants and create direct connections with individual lenders. In summary, Wisefund offers reliable investments for industries that struggle to obtain quick funding from banks.
On the side of the investors, it gives people an opportunity to be part of a funding platform free of banking restrictions and is helping businesses to survive the Coronavirus pandemic. Whats more, investors earn returns on their money averaging 18.32%, per year.
So, how does it work? When a new investor registers, their funds are securely deposited to the platform, and reflected in their investment account. Having chosen which small business they’d like to support, they invest, with no commission or fees charged for the investor. As soon as the loan is fully funded, the small business (or borrower) enters into an agreement with the investor, and the platform receives the actual funds of the loan. The small business (or borrower) then makes monthly interest repayments that are immediately credited to the investment account, and which continues until the end of the loan term. After all funds are returned to the investor’s investment account, either interest or principal repayments are immediately available for withdrawal or further investments.
Wisefund’s founder Ingus Linkevics commented: “Wisefund is a platform where individual lenders meet businesses looking for loans, bringing business lending to a more affordable level while providing opportunities to individuals letting their free funds bring stable and above average annular returns.”
He goes on to say, “Wisefund is one of Europe’s P2P lending platforms where our lenders are providing business loans to European SMEs across multiple sectors of the economy. We allow our lenders to make a difference to businesses and earn better interest rates while businesses are free to keep their focus where it should be….on growing their business.
For more information, visit Wisefund’s website.