Independent retailer Michael Wall turns to peer-to-peer lending to open shop in Cork
Peer-to-peer funding benefits both parties, as new enterprises receive the funding needed to get started and investers will have their money paid back over time, with approximately 7% interest.
Diamond and gem specialist Michael Wall has turned to this platform to fulfill his dream of opening a shop of his own in Cork city centre and becoming a part of history of the city. Last month he joined GRID Finance, an Irish online financing platform, having struggled to secure funding through traditional means.
"I am seeking to raise finance to open my new retail premises in Cork city," Michael explains.
"Having spoken with other financial institutions over the last two years, I found little in the way of support. Surprisingly for a business that holds no loan and no overdraft, I could not secure funding. It made me change tack and rethink my options. After a brief conversation with the Grid Finance team, I found an alternative source that suited my financial needs."
GRID Finance is an online financing platform which allows people to lend money and provides a platform for businesses to borrow at competitive interest rates.
Michael Wall is planning to use money raised to open a premises in Cork city.
"I want the space to create a business that will increase over time," he says.
"I want to see expansion, and would love to be in a position to create jobs in the city. Seeing the many businesses out there that do so much for the community, it makes me want to be a part of that. It makes me proud to see Cork support its own, and beyond.
"Hearing of all the great stores and shops that are still in business today, hearing people reminisce about years gone by, and their first purchase in a store gives me hope that the customer will continue to remember their good memories and the fondness for an iconic retailer."
Michael hopes that over time, his business will become an institution in Cork, and believes it is this aspect that will most appeal to potential investors.
"When 50 years, pass I want to be among those ‘oldest business’ being spoken about on the radio," he says.
"I want to be there when a mother and father buy a 21st birthday gift for their daughter, to be there when a couple purchases their 50th anniversary commission , and to look after their children and grandchildren.
"How great would it be for an investor to say, ‘I was part of that’?"
Michael is confidant that he can provide a top class service to his customers in Cork.
"I love my job," he says.
"I gush exponentially about diamonds and gems, and what ‘bespoke’ means to me. I appreciated every client that takes the time to call me up and ask about the goods and services I provide.
"There is nothing nicer than helping a couple choose their piece of bespoke jewellery. There’s no room for discrimination, there’s no minimum spend. Be it silver and white sapphire, or diamond and platinum, I provide the very best service I can.
"Having spent many years at wedding fairs and showcases, it’s time and attention that is most desired," he says.
"A diamond can be bought anywhere, but it’s the type of sale, and how it’s presented, that makes the sale. I prefer to have a client be 100% confident in their purchase, and prefer them to buy off me, as opposed to me selling to them."
He also hopes to use the space to encourage and promote creative projects in Cork.
"Having a creative space that can be used in so many positive ways is attractive to me," he says.
"Hosting open days for students that want to choose a different career path, hosting events and talks for the public would be a beautiful method of increasing the profile, and reinforcing the personal touch that I constantly strive to achieve.
"A space of my own will offer colleagues to showcase their arts too. How great would it be to offer a space on a wall, or a shelf to an upcoming artist or sculpture? It would allow them to display their work, give them an outlet they can benefit from, progress from, and not just exist."
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