Online retail marketplace MyDeal.com.au has launched business loan offering MyDeal Marketplace Loans to accelerate the growth of their listed retailers.
Retailers who list their products through the MyDeal Marketplace can now apply for a business loan of up to $250,000 directly through their supplier management system and in many cases receive the funding in under 24 hours.
This offering is in partnership with fintech business Prospa, Australia’s leading online lender for small business.
MyDeal Marketplace Loans are designed to assist with a variety of common scenarios which small businesses face including expansion costs and the need to access rapid funding to secure an opportunity.
Why is MyDeal.com.au offering this now?
The decision to diversify into fintech has emerged from research conducted by MyDeal Marketplace in its six years of operation as a marketplace, which highlighted inventory control acquisition to be a common barrier to growth for many Australia SME retailers.
The loan specifically aims to combat the issue of inventory selling out when demand is at a high, and effectively increase the potential for its retailers to maximise their sales during peak sales periods.
The online retail marketplace connects over 1000 Australian retailers to over millions of consumers through lifestyle destination MyDeal.com.au. On average their retailers have experienced 600% growth year on year through the platform.
“Although traditionally we act as a vehicle to drive top line sales, our mission and purpose has always been to help Australian businesses to success online. We aim to align to that goal in all our business offerings”, says CEO of MyDeal.com.au, Sean Senvirtne.
The online marketplace has traditionally provided insights, one on one account management to their listed retailers to assist with their development. With the business loan integration, MyDeal Marketplace will become one of the first marketplaces to offer business loans.
“We are always looking for new ways to accelerate the growth of our retailers. When our providing additional support we believe this will enhance the experience for retailers who choose to list with MyDeal Marketplace.”
“Through this offering we hope to drive Australian retailers to invest in the online space, and expand their reach of the market”, says CEO of MyDeal.com.au, Sean Senvirtne.