My Experience of the Established Banking System vs. Crowdfunding (LinkedFinance) Id like to tell you a little bit about my recent experience of approaching the bank which I have held personal accounts with since I was a boy, a credit card account since I was a student, a car loan since my mid 20s and now a business account since last year. The Yoga Hub is a start-up business with healthy profit&loss accounts and balance sheets, has expanded 3 times already with no investment and we have found ourselves at the inevitable crossroads where we need outside finance to continue to grow. So considering the relationship I have had as an account holder with one of the biggest banks in Ireland which constantly advertises how it wants to help small business I was intrigued as to how it might do the same for one of its lifelong customers and contacted the bank to organise a meeting with one of their helpful business relations managers. You can only imagine my surprise when, shortly after arriving, I was encouraged to set up a second meeting that same week so that another ever-so-helpful representative was willing to assist me in the purchase of one of their amazing Pension Plans. Now thats what I call service!! You might be even more surprised to hear that, after receiving such fantastic service, I am now waiting over 2 weeks to hear back from my last correspondance regarding the set up of a business specific credit card account which, unlike a Pension Plan, would be of immediate help to me and my business. So now I get to Linkedfinance and this new platform for investing named Crowdfunding. The idea, like all good ideas, is simple. I really cant explain it better than the company themselves who break it down in a short video at linkedfinance The Yoga Hub is proud to be using this platform for financing its expansion. The idea is very much in keeping with the ethos of our business supporting community and thats exactly what it does by supporting small businesses in the community which in turn creates jobs. FYI We have a Loan on their site at the moment and you can lend as little as €50 upwards. Anyone who lends €200 or more at an interest rate of 6% (take a look what the banks offer in comparison) will be invited to see the new studios before it opens, along with an all levels Yoga Class and Snacks and Refreshments from Happy Food by the Yoga Hub. And of course if you are not interested in investing in the Hub please check out the many small businesses from around the country on the site also looking for investment that helps grow our economy. If you read this thanks so much for taking the time to do so. I see this form of community-based investment as the future and I think we all can agree that the only thing our current banking system does is allow the rich to get richer. Please Like&Share on the off chance that somebody else will do the same and get the word out about positive things happening which just might create some of the change that our society desperately needs.
Posted on: Sun, 18 May 2014 19:18:29 +0000
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