Crowdz is happy to announce we have officially hit the $50 million mark in funded receivables! This is another major milestone as we continue to provide an alternative form of funding for small businesses and their continued growth.
Learn how our clients have used the money to beat the odds and thrive under challenging circumstances.
Owning and operating a small business is a major accomplishment. Doing so requires strong leadership, ambition, and courage.
However, despite many Americans following their entrepreneurial dreams, nearly half of small business owners have had to shut their doors due to a lack of funding. Unfortunately, not enough money was coming in to cover expenses or pay employees.
When learning about this sobering statistic, the team at Crowdz knew something had to change. Small and mid-sized businesses (SMBs) are the backbone of local and global economies as they build communities and keep them moving forward. We knew we couldn’t let them keep failing without a fair fight.
Invoicing is the foundation for any organization. What’s more, the accounts payable process relies on accuracy and timeliness. But clients who consistently pay late (or not at all) throw that notion out the window and impact cash flow.
It’s a frustration SMBs know all too well. In fact, invoicing inefficiencies are the strongest driver of why SMBs choose to upload their outstanding receivables to receive a discounted rate on the Crowdz Global Receivables Marketplace.
Doing so eliminates the need to track down customer payments with uncomfortable emails and phone calls. That’s countless hours back in your day to focus on making money — not chasing it.
Although two years into the COVID-19 pandemic, many small businesses are still struggling. Financial assistance for those impacted by the crisis has ended and many industries (gyms, hotels, restaurants) are pushing for more relief.
With Crowdz, meeting financial obligations has become less of a struggle. We are continuing to help organizations repurpose stacks of unpaid receivables into cash.
These immediate payouts have provided our clients with the funds needed to cover overhead expenses such as utility bills, rent, office supplies, inventory, and more. Not only does this help keep their doors open, but also eliminates any added debt, balances with interest, and operational interruptions.
Last year, more than 3.98 million workers quit their jobs each month, meaning 2021 holds the highest average on record. Many are calling this ongoing economic trend the Great Resignation or the Big Quit.
Unfortunately, during this same period, SMBs were experiencing cash flow problems and low liquidity. As a result, they struggled to pay employees on time or their full salary. With low pay and being disrespected at work among the top reasons employees are quitting their jobs, this was not an ideal scenario.
Crowdz to the rescue.
One way for owners to adapt on the spot and find funds to pay their team members was through the Crowdz Global Receivables Marketplace. The process acts as a work-around for funding payroll. Using our marketplace as an ongoing finance solution also helps businesses prepare for future growth whether it be investing in full-time staff or freelancers.
Our team is proud to have helped business owners and entrepreneurs thrive throughout unimaginable circumstances. From opening new locations to taking on large orders, $50 million in funded receivables has enabled SMBs to push for new heights.
Better yet, our marketplace provides organizations with financial security to invest in various types of innovation including:
We know most companies must innovate to keep up with the market’s pace of change and we’re just happy to be along for the ride.
Funding $50 million in receivables was a tremendous accomplishment for our team. We are proud to serve small businesses as they are a strong force in local economies. They bring development and innovation to communities everywhere, helping to stimulate economic growth. The fact that our marketplace has a role in growing these communities is just the icing on the cake.
Our team is beyond proud of this milestone and ready to take on the next 50 million and beyond! If you are an SMB looking to learn more about Crowdz and selling receivables on the platform, check out our article on invoice financing and an overview of our marketplace.
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