In the process of finding help from banks, many entrepreneurs, especially the young ones, face the issue of affording collateral security to acquire a particular loan. In this case, many of them fail to find enough collateral security since they do not own any valuable assets, hence leading to the failure of their business.
That is where the ‘Global Transact’ project comes in as the solution to successful business ventures. Global Transact is a project introduced by Bigger Future organization that provides training related to business projects and has its headquarters in the city Kigali.
Through this project entrepreneurs are able to obtain capital without collateral and in a short period of time. The project kicked off with up to 60 entrepreneurs from Rwanda. They are now appreciative because that changed their lives and uplifted their businesses.
On the 1st August 2023, at Norrsken Kigali, some of the entrepreneurs gave testimonials at the training organized by Bigger Future with the purpose of explaining to entrepreneurs, especially the youth, the benefit of working with Global Transact in their business activities.
Entrepreneurs were taught on how this project may help them face losses in their businesses, facilitate payment of products being sold, increase durability of products, and how collaboration from both sides can help boost the development of their projects.
There are times entrepreneurs miss out on business opportunities because they are asked for more than they can afford as mentioned by Kayitare Jean de Dieu, owner of Q Limited a company that sells electronic devices. “ Usually we struggle with getting enough capital. For example; you might be having Rwf100 million, but then get a job that offers Rwf500 million which you can not reject as everyone is always looking for growth,” explained Kayitare. He also emphasized that Global Transact comes in as the solution to all those business ventures.
Kayitare mentioned that when you have a job that offers that much amount of money you approach them for support without being asked for collateral but instead they provide what was missing for you to start your business. Where you have Rwf100 they provide the remaining Rwf400 so you can keep up your activities.
According to him, this is a very important opportunity for young entrepreneurs. “As an example; you may go to a bank and present them your project but they still ask for collateral before they give you the money you need,” he added. He also said that he has earned a lot and developed his business throughout the years he has been operating with Global Transact. “ I developed to the level that I can provide employment opportunities to others since everybody needs additional assistance as business activities pick up,” he said.
Global Transact does not provide money to entrepreneurs but instead after the entrepreneur has had an agreement with the supplier of materials necessary for their business, they communicate the final price to Global Transact and they fund that. Once the entrepreneur receives the products and sells them to customers in need they have to pay back to money paid for them after receiving payment form the client with interest depending on the duration of the loan.
The CEO of Bigger Future and Global Transact, Dave Ormesher, mentioned that he heard news about how Rwanda is one the countries that is highly developing in terms of business, hence the decision to give a helping hand to startup entrepreneurs for their development.
“ Rwandan entrepreneurs are not that different from those of other countries. All they need is good leadership, and having a vision then they can see profits in a short period of time” he explained.
“Our goal as Global Transact is to work hand in hand with entrepreneurs who have been in the industry for a while, have a plan, and have started receiving valuable offers but can not fulfill those offers due to lack of funds which is where we step in and help” said Ormesher.
Ormesher also mentioned that young entrepreneurs who have not yet received valuable offers are also kept into consideration where Bigger Future gives them business training. Global Transact works with entrepreneurs with a capital starting from $100,000 up to $ 750,000 equivalent. For more information consult their website www.globatransact.com.