Client storiesACHIEVING SMALL BUSINESS SUCCESS WITH TIMELY AND ADEQUATE FINANCIAL SUPPORT
When Jelena Gališić from Sremčica decided to become an entrepreneur in January 2015, she was not aware of the problems and complications that a small businesses entails. Having a desire for financial independence, she and her husband who was out of job set up an entrepreneurial store for the sale of household goods called “CASA ART” with only 1,000 euros of initial capital. “When opening a bank account, I received information from the bank officer that I was not able to obtain a small business loan unless my store was in business for a minimum of three years. Shortly after, I transferred to another bank and was told the same so I excluded loan as an option”, said Jelena.
VICIOUS CYCLE OF A SMALL BUSINESS: The survival of small entrepreneurial projects is impossible without adequate financial support, however banks in general do not grant loans for businesses operating less than three years. Therefore, Serbian citizens are reluctant to engage in private business, and those who do engage come to a key moment when they realize they have no access to finance and this often leads to difficulties in business operations as well as business closure. As a result, according to the Agency for Business Registers, the number of new entrepreneurial ventures on an annual level is approximately equivalent to the number of businesses closed.
After the initial investment in commodities, store interior and payment of goods to suppliers, Jelena and her husband realized they will need additional financial resources in order to continue and further develop their business. By researching Internet on different possibilities for obtaining a loan, they found the Opportunity bank web application “Small Business Loan One Click Away” which is intended precisely for the smallest and “youngest” entrepreneurs unsure of their creditworthiness. Without much expectations, they filled the online request and upon receiving the initial positive response and a visit by the bank officer, the loan was disbursed.
“To our surprise, the loan was processed quickly without going to the bank and unnecessary paperwork. Web application Small Business Loan One Click Away is clear and easy to use. This loan enabled us to settle our outstanding debt for taxes and contributions and provide large quantity of goods under favourable conditions, which has resulted in a steady income and business continuity”.
Jelena Gališić in front of CASA ART store located at a market in Sremčica
To all current and future entrepreneurs, Jelena advises to keep in mind that the success of a small business requires a strong will, readiness to sacrifice and what is perhaps even more important – constant improvements that require financial investments. We hope that Jelena’s story will be just one is a long line of stories of successful entrepreneurs who obtained much needed funds for their small businesses by using the Opportunity bank unique web application. Opportunity Bank specializes in so-called micro-loans disbursed to clients with limited access to financial services such as Jelena and her husband.
Opportunity bank web application “Small Business Loan One Click Away” is the right solution for all entrepreneurs who need a loan but are uncertain if they are eligible for it, because the preliminary information on whether they can obtain a small business loan with OBS is available shortly after entering few basic information regarding the business in the online request form, without actually going to the bank.