Online Microlenders Offer Capital to Young Businesses

An eBay merchant quadruples his revenue with help from an online microlender.
Source: Shutterstock

In 2008 Chris Byrne opened The Gear Geeks, an eBay store that sells musical equipment, with $2,800 in cash. To purchase inventory, the Huntington Beach, Calif., 'trep relied on a business line of credit from his bank. When the recession caused his credit line to dry up, Byrne turned to Atlanta-based Kabbage, one of several online microlenders that offer short-term capital to young businesses.

You're reading a preview, sign up to read more.

More from Entrepreneur

Entrepreneur2 min readSociety
How Franchising Helped This Founder Scale His Business
Former NFL player Tafa Jefferson launched a business to provide care to senior citizens. But he couldn't do it on his own.
Entrepreneur13 min read
How Shaq Is Bringing Fun Back to Papa John's
The basketball legend is the franchise's new brand ambassador. He's got his work cut out for him -- but Shaq's never been afraid of a challenge.
Entrepreneur3 min read
Need to Regain Your Sanity? Learn to Say No.
Mary* was doing well as VP of business development at a San Francisco tech company. She’d been hired to create goodwill within the community, and she was a perfect fit. But her work had started suffering. Her CEO had asked her to take on a new projec