Ready to learn about the tool that’s got everybody in the events industry buzzing? Capital loans are causing a big stir because of their huge impact on event professional’s businesses and lives. While they are higher-rate loans, they get the recipient cash much quicker than others. Many event professionals favor their payoff method as well. Goodshuffle Pro partnered with Stripe for their Capital Loan program, which empowers our qualified users to get fast funds needed to grow their business. One of our users and recipients, Nick Muzzatti of Snap! Entertainment, tells us about his experience with the program in this post.
Who is Snap! Entertainment?
Snap! Entertainment is a Maryland-based event rental company that “delivers fun products and exceptional services to every event”. They specialize in arcade games and photo booths, and are sure to put a smile on the faces of all their clients. Nick bought the company in 2017, and has been a member of the Goodshuffle Pro family since 2018.
Ever since Nick purchased the business, he’s been focused on growing the company in terms of revenue and team size. He’s invested in new inventory and subscribed to Goodshuffle Pro to help him track his items and streamline his operations, and his bottom line has reflected the positive impact of these changes.
The need for fast cash emerges
When Nick got the news that he qualified for the Stripe Capital Loan program, he was unsure if he’d take advantage of it because of its higher interest rates. He didn’t want to take out a loan simply for the sake of extra funds— as a savvy business owner, he only would consider taking a loan if he had a specific reason with a clear ROI. He also wanted to know that he would be able to pay back the loan promptly.
Coincidently, shortly after he received his offer, he had the opportunity to purchase a large piece of equipment for thousands of dollars, and needed fast cash to seal the deal. Since he’d prequalified for our Stripe Capital Loan program, he was excited because it was “such an easy way to get extra cash” in a responsible way.
Enter: Stripe Capital Loans
Nick happily took us up on the Stripe Capital Loan offer. Looking back, he’d do it again too— but not for no reason, as the rate is higher than some longer-term loans. The benefits outweighed the higher rate in this instance— as he says, “It’s so quick, easy, and convenient. It’s much faster than a bank loan, so if I need to purchase something fast, this is the way I go. Short-term capital loans can be a smart move for high ROI purchases, but you must exercise caution and put some serious thought into the decision.”
Capital loans are a favorite of event professionals because you pay them off in pieces whenever you do an event. As Nick says, “I like with Stripe that I don’t have to think about it— it just gets paid off. I operate off my money coming in, not my gross sales, so I don’t feel like the money is being taken out.” As opposed to other types of loans where you pay them off on a set schedule, capital loans are different in that a flat percentage of your income comes off every payment you receive. This gives you the flexibility to pay more during the busy season and less during the slow season, meaning you have ultimate control.
Capital loans are an easy decision
The goal of our Stripe Capital Loan program is to empower our users to make the best decisions possible for the growth of their businesses. Nick says, “I can now jump on a purchase confidently, knowing this is a tool in my pocket. The process was really helpful and so easy. It’s such a straightforward way to do a loan. I feel a peace of mind that I don’t have to give up cash if I want to buy more items.”
Nick wants business owners to be clear that deciding to take advantage of a capital loan is a big decision, since the interest rates are higher than other loans’ rates. It’s important to only take out loans when you have the ability to and a plan in place to pay them back. At Goodshuffle Pro, we want all our users to have a successful loan experience, which is why we’ve partnered with Stripe— they require business owners to prequalify for the loan based on their income, which ensures responsible loan practices.
Especially after the effects of COVID-19 on the events industry, it’s more important than ever that business owners have the funds they need to reach their goals. We can’t wait to see what Snap! Entertainment does next, and we’re excited to be their partner as they go into 2022 and beyond.
Curious how Goodshuffle Pro can help you grow your event rental business?