Traditionally, Inventory financing is credit/loan obtained by businesses to pay for products that aren’t intended for immediate sale. It is often used by smaller privately-owned businesses that don't have access to other options like raising money through the stock market or the bond market or even through a bank loan..Here's how it works;A "muyilibi" ( small business owner/ hustler) notices that he is running low on stock and capital, so they approach a lender who offers them the money at an ungodly interest rate, a case in point, Ugandan money lenders can go up to 45% interest, then, they'll hound you down 😬.The loan is usually backed or collaterlized by the inventory or stock you buy using the loan money.The pros of this are;It Helps small businesses to deal and cope with increasing customer demand,There is no need for credit scores or ratings,New businesses are eligible and can access credit quickly.The only con I see from the business person's perspective is the higher interest rate they get slapped with.Banks 😈 generally stay away from offering this type of financing because they don't want to deal with the hustle of selling your "small time" shoes/ clothes/ sucks of posho to recover their money in case you default.Kati, Unlike Banks and Money lenders, one of Myfy's value proposition is something we call rotational savings and financing, it helps you save with a group of trusted business colleagues (your circle) in a manner similar to that local "kkibina" (village savings group), then at a regular time, you get borderline free circle sourced funds to finance your restocking or business expenses at zero interest.Find out more here.We are taking every step of the way with you. 😉

Like, Really understand them inside out, embrace feedback, you will realize that you don’t know that much about your product or service. Every interaction you have with your customer is an opportunity to know what they think and how you can improve in meeting their needs.As a business person, If you’ve not been living under a rock, the pandemic has taught you that the importance of having a digital presence and strategy can not be overstated. The business ground below us has shifted and consumers no longer want to break a sweat, with a few key clicks and swipes, they want 24/7 access to their product or service needs.You have to make it ridiculously easy for your customers to buy your product or service.Consumers are incredibly fickle and they have options that are constantly fighting for their attention. Click here to cut through this noise by setting yourself up as the easy convenient choice.If you are a “muyilibi” (small business owner/ hustler), you probably don’t have a team and you wear different hats as your business day goes on but, to scale you’ll need to invest in building partnerships and rapport, you’ll need to outsource some of the tasks in order to keep up with your business’ growing demand.“🤦‍♀️Ahh , Here we go again…” you’re probably thinking…Holdup ✋, before I lose you, I know you’ve heard that before and you think its cheesy and cliched but, Insurance has many use cases now and its going to help you scale. Read this 👇 for more on how.https://cigf.medium.com/reasons-why-saving-through-insurance-is-totally-worth-it-995b4cf6f64fRuhunda PiusCofounder Myfy