Does your event business need a boost? Do you have a list of inventory you’d like or need to buy? 

We checked, and money still does not grow on trees. But besides budgeting and raising your prices, there are other ways you can grow your business. One of them is considering a Stripe Capital loan. These short-term capital loans can help you take on VIP clients, expand inventory, and comfortably get through the slow season.

Is a Stripe Capital loan for you? Read on to learn about eligibility requirements, approval processes, and repayment options, so you can decide if it’s right for your business.

When Should You Consider Stripe Capital Loans?

Deciding to take a loan or not take a loan is a big decision, and depends on your business’s financial situation. Are you just looking for some quick cash, or do you need some funds to help shore up your inventory or support a big new client?

We see a lot of Goodshuffle Pro users who are hesitant to take out loans unless they have a specific reason with a clear ROI. But if you do have a clear use case for your business, Stripe Capital loans could be a good choice.

Are You Eligible?

If you’re eligible to apply for a Stripe Capital loan, you should have received an email from Stripe Capital and Goodshuffle Pro. To qualify for a loan, you must:

• Be based in the US. Funding may also be restricted in certain states due to local rules and regulations.
• Have processed payments on Stripe for 9 months or more. (If you use Goodshuffle Pro to process credit card payments, you’re already using Stripe.)
• Have a processing volume of 5,000 USD minimum per year.
• Be in good standing with Stripe Capital. If you’ve received an email offering you a loan, you’re good to go.

Of course, meeting these minimum criteria doesn’t guarantee you’ll qualify for a loan offer. Stripe Capital also considers other aspects of your business, including:

• Is your business growing?
• Do you have a steady processing record?
• Do you have a large customer base?
• Do you have a low dispute rate?

 To stay up to date on the latest eligibility requirements, visit Stripe’s eligibility page.

What’s the Approval Process Like?

Unlike with other loans, Stripe Capital doesn’t run a credit check to determine your loan eligibility or amount — so there’s no ding to your credit score when you apply.

Instead, they follow an “underwriting model,” or risk analysis. Essentially, the more transactions you process on Stripe, the steadier and higher your processing volume will be, which increases your chances of receiving an offer.

In addition to shifting your transactions from other payment sources onto Stripe, an upward financial trajectory makes you a good candidate. Keeping disputes to a minimum helps, too.

Pro Tip: In Goodshuffle Pro, you can track your finances alongside your inventory and projects. That way, you’ll always know what your cash flow looks like.

How Does Loan Selection Work?

If you’re approved, you’ll be able to select one of three offer amounts. These amounts are based on your transaction history, so you’ll have already demonstrated you can repay them. Your three offers will display their respective fees and repayment rates (more on that soon).

If you’d like to choose a custom loan amount, Stripe Capital will automatically calculate those fees and repayment rates for you.

What About Interest and Fees?

Loans without interest are few and far between, but Stripe Capital loans is one of them. You’ll receive your loan payout quickly, and you’ll only pay the flat fee you accepted during the loan selection stage.

Kristen-Bender-Daaboul-1

“My company was offered a last minute job for a major celebrity. It was the opportunity of a lifetime for a small business like mine, but serving all their needs in terms of inventory and staff required some upfront cash.”

Kristen Bender Daaboul

Kadeema Rentals

What Does Repayment Look Like?

After you’ve accepted your loan, you’ll see a “repayment rate” listed as a percentage. This percentage represents the amount that will be deducted from each payment you receive through Stripe. 

This means your pay back rate will be based on the transactions processed. You pay back more during the busy season, and less during the slow season. 

You’ll have a minimum amount due each repayment period, and if the total amount that you repay through sales doesn’t meet the minimum, you must pay the remaining amount at the end of the period.

Once your loan is repaid, you’ll automatically be evaluated for another loan. Each loan offer is valid for 30 days, after which your account will be reevaluated for another loan. You are at no point obligated to accept a loan, and accepting a loan will neither guarantee nor disqualify you from a future loan offer. In other words, there’s no pressure to accept a loan.

Is Stripe Capital Loans For You?

Stripe Capital loans have benefited many Goodshuffle Pro users — by allowing them to take on VIP clients with high up-front costs, to help during transitional times, and to expand their inventory offerings, which in turn allow them to make more money. A loan from Stripe Capital could just give your event company the boost it needs to succeed.

If you want more information or have any questions, check out our Stripe Capital loans FAQ.

Loans are issued by Celtic Bank and powered by Stripe. All loans subject to credit approval.