Franchiser of Must Boutique Stores Gives FundThrough Two Perfect Reviews for Invoice Funding Solutions.
Many small business owners have similar memories after the economy’s first shutdown due to COVID-19. Questions about how to pay employees, pay off expenses, and survive several months without revenue rattled companies all across Canada.
One of the hardest-hit industries by COVID was the retail sector. With malls and shopping centers shutting down, the flow of foot traffic hit brick-and-mortar locations and forced them to reevaluate their business models. Concept Media is a franchisor of the trendy retailer Must Boutique. The firm’s founder buys goods wholesale in Italy and sells them in their branded stores. Two of the franchises had been with Concept Media for six years.
With three franchises shut down in Canada for more than two months, Concept’s founder Eddie Malka faced a significant cash crunch at the onset of the shutdown. Due to social-distancing rules, the company was legally not allowed to open their stores, which meant they had no opportunity to generate cash flow. There was no income and no sales.
Concept Media was doing all it could to not put any pressure on its franchises. The company had an existing $500,000 loan with his bank. However, he needed to hire an additional employee just to stay on top of what was needed to work with the financial institution. Eddie’s team was looking at other financing options, but the bulk of them would have resulted in more debt and more hassles.
That’s when Concept Media discovered FundThrough, a unique financing company that allows companies to self-fund their operations by using existing customer invoices.
“More funding companies should be like FundThrough,” Eddie said. Entrepreneurs are very busy and no one has time for complicated funding options anymore.”