To be able to buy support socks and compression socks of good quality at low prices, quickly and easily. With that idea, Richard Torsslow started E-Money in the fall of 2007.
Today, E-Money exists as an online store in 8 countries in Europe and sells in addition to a wide range of support socks, also foot care products, support dressings and assistive devices for pregnant and new mothers. The company is growing and expanding its range continuously. To replace an unnecessarily expensive check credit, E-Money turned to Good Finance and lowered the interest rate from 8.5% to 3.6%.
E-Money has expanded greatly over the years
Expanding both its range and geographical presence. The expansion has meant that the company has shown zero profit and the increase in sales has required working capital for an increased stock. To finance the growth, they took loans from both the bank and Good Finance.
In 2013, we made a loss, which has meant that the equity / assets ratio in the company has been very low, which in turn has made it difficult for us to borrow on good terms with ordinary banks.
E-Money therefore turned to Good Finance’s lenders in the fall of 2014 to borrow SEK 300,000.
After a period of aggressive expansion, we wanted to stabilize the business and repay one of our checking credits in order to become less dependent on the bank.
The interest rate landed at 8.1%, which was better than the loan that was redeemed. Operations continued to grow and profitability increased. In December 2016, it was time to apply for a loan through Good Finance again, this time also to replace a bank overdraft and reduce its unfavorable credit costs.
Since we sell to several countries with different currencies
We have high costs for exchange fees, transfer fees and other costs associated with internal banking transactions. With improved liquidity, we can reduce the number of internal transactions, as we do not need to move money between accounts as often, and eliminate unnecessary costs.
The loan of SEK 150,000 was filled record-breaking and ended at an interest rate of 3.6%. Richard believes that the interest rate will be lower when returning, as the lenders recognize the company. He advises companies on building a credit history with the lenders in order to lower the interest rate over time.
We had previously borrowed from Good Finance and always paid well in advance of the due date and repaid the entire loan. Our financial position has improved since the first loan and the business has a positive surplus every month.
Knows how frustrating it can be to finance the company’s growth
That’s island ka financing external A is often en on temperature and drive a ver large commitment to a n me which incidentally some entrepreneurs. Good Finance collecting the L ngivare p on an ST A lle and has infrastructure on the place g o r the safe and easy f o r me l a na. We turned to Good Finance because we think it is a fantastic service and we feel that it works extremely easily and smoothly. In addition, you reach out to people who are interested in your particular business. People who would otherwise not have seen my company.