Watch it Grow: New Genius Loans for Small Businesses

If you’re a small business owner, you know that strategic investments in your business can lead to growth, increased profitability, and long-term success and sustainability.  As the saying goes, “Invest in your business and your business will invest in you.”

Danielle Cohen-Shohet, CEO and Founder of GlossGenius, is making it easier for small business owners to access the money they need today to reap the rewards tomorrow. With the launch of Genius Loans, small businesses can access fast, flexible financing –and they can do it through their already-trusted business partner, GlossGenius, a software platform designed for beauty and wellness professionals.

Stroke of GlossGenius

Traditionally, the process of applying for a small business loan through a bank or financial institution has been a long and involved one, requiring a great deal of paperwork… and maybe some anxiety, too.  It might require presenting a business plan, supplying credit history, financial statements, and tax returns, plus filling out an application form, a repayment plan, and sometimes attending an interview. It can be a time intensive, drawn-out procedure. 

To help salon professionals spend more time in their business and with their clients, GlossGenius offers existing customers who use their platform (to manage appointments, client relationships, and business operations including payment processing), that same level of ease when applying for a new Genius Loan.

“Business owners are strapped for time; even if they wanted to pursue securing a loan, they might not have the time to go through the whole lengthy procedure, or the process would have taken longer and they could have benefited from having the capital sooner,” says Cohen-Shohet. “That is one of the biggest differences here with what GlossGenius is offering. We wanted to make this loan program more flexible and with a speedier turnaround so they can get it without a personal credit check, and with an easy repayment cycle. It dramatically improves the experience because we understand their business.”

Because already-existing customers of GlossGenius have been using payment processing, eligibility for the loans is based on payment history with GlossGenius. If approved, funds typically arrive the next business day, directly into their bank account.

Invest Wisely, Grow Steadily

While traditional lenders may require collateral, such as business or personal assets, to secure the loan, Genius Loans have no collateral obligations, no compounding interest charges, or late fees.  Genius Loans can be as small as $1,000 (and up to $250,000), another point of difference Cohen-Shohet shares. “Many financial institutions wouldn’t be motivated to go through all that is involved to provide a loan as small as $1,000, but we know that, sometimes, that's all that is needed at the moment.”

Genius Loan repayments are handled through the platform, and are setup so that you are able to pay less during slow periods and more when business picks up with a percentage of your sales through GlossGenius.

“I love this aspect of the loan program,” says Cohen-Shohet.  “The program is predicated on folks repaying when it is convenient and based on their sales. Customers will pay less during slow times and pay more when business is strong—and they can dictate which percentage of sales they will use to repay.  It offers customers flexibility, convenience, and speed." 

“We are committed to helping small businesses grow, to creating a product experience that delights every customer, and to knowing that our customers are succeeding,” Cohen-Shohet concludes. “Few business owners are excited to get a loan because it can be a scary experience, so we want to offer a personalized, transparent, and easy-to-navigate system to help them make their business grow.”

Originally posted on Modern Salon