Our business is based on the sale and purchase of new and used equipment under a franchise. We took over this business in 2015 and we are in our third year of operation. Our turnover is relatively constant and we need to finance part of our stock of new equipment. As I did not want to lose my money, I appealed to you!
“This solution was perfectly suited to my needs: renewing my stock.”
What made you choose Mline Rangeloan’s equity loan solution over a traditional bank loan? Have you contacted your bank?
I work with two banks that asked the question. They told me that they could accompany me but that it was necessary to wait for the Commission and that I give them my balance sheets … Balance that they already have! Especially since they know the company for 10 years. They have full visibility of the company’s cash flow but they are banks and unfortunately, their structure is quite heavy and constraining. The agency manager has relatively limited decision-making power. I saw that this loan application began to drag when it was absolutely necessary that I renew my stock for the summer. So I went on the Internet and looked at other sources of funding.
So it was through your own research on the Internet that you came across our site?
Absolutely! I was quickly contacted by your colleague Yann Forveille who took care of my file. It went very well. It was very fast when your colleague did not know the story of my company or my business in detail. I have inquired of my side about this type of financing. This solution was perfectly suited to my needs, especially since the sum requested was not exorbitant. At that moment, I said to myself, “Why not? I made my request and it actually worked.
How did this loan accelerate the development of your business? What did you achieve following the collection on Mline Rangeloan?
This loan has allowed me to renew part of the new stock especially everything related to laptops, telephony …. I also needed to renew my stock of musical instruments. I was able to renew most of my stock which was starting to become relatively old. On telephony, we have a large turnover in terms of stock. We must be very attentive to the trend, a phone that is worth 350 € a week can drop to 330 € the following week. We must continually adapt, readjust prices, review margins … it takes a big job! Sometimes you have to completely renew the range. If we do not want to cash down, we have to go through financing. This financing allowed me to renew my stock and obtain a wider range both in small and big prices.
“I wanted to finance the stock and that, the banks do not do it!”
Would you repeat the Mline Rangeloan experiment?
Yes, no problem! Especially since I found the service impeccable: communication with my sales representative, Yann Forveille, was great! I have asked the right questions, asked me for the right documents and quickly contacted me by email. For small businesses like ours, the support of the banks is almost non-existent and we are forced to manage very often by ourselves. Having this solution that comes out a little off the Beaten track, I find it very interesting.
Do you have any advice or feedback for future borrowers who read us?
I talked about it around me because we have regional meetings with all the franchisees. It lasts a day and we discuss the latest news from our stores and our business in general. I told them about your business and gave them the name of your site. I recommended Mline Rangeloan by selling them the solution as a quick alternative to banks. If you go through a bank you will have three months but three months more and it’s over, you no longer need credit. It must go fast. From memory, the total duration of the process of obtaining my credit lasted two weeks. Where I was most surprised when M. Forlie told me: “you will see, we will put your funding on our platform and in fifteen minutes is done”. Indeed it was the case, I could not believe it! And the rate is still relatively interesting for lenders.
If I want to finance equipment with my bank, I can get a good rate on equipment investment. Here it was not material investment, I wanted to finance the stock and they do not do it! When you come out of a very traditional setting, it blocks. Last year, I redid all my security installation, I had for 5000 € and I went through their direct financing. I did not want to go broke in cash so I made a loan over a year. With Mline Rangeloan, I knew very well that with 5% rate, I could finance what I wanted and what the banker wanted for me. My advisor had explained to me that I had a relatively low rate compared to other clients of the platform.