Spock from Star Trek was once quoted as saying: ‘Do yourself a favour: Put aside logic. Do what feels right…’ Such pearls of wisdom were not lost on Logicalware. As one of our esteemed borrowers, it adopted this approach and much more when securing funds via LendingCrowd.
Background to the crowdlending route…
Located in Edinburgh’s West End, in Scotland, Logicalware was open to the idea of going down the crowdlending route. The company provides customer service software to contact centres of retailers and travel companies in the UK and across the world. Serving a number of well-known companies, its clients include Ryan Air, Spark Energy and World Wildlife Fund. The software is used by the contact centre agents to process their customer enquires.
Logical business borrowing…
Donald Cameron, Logicalware Director, explains his reasons behind his firm’s business borrowing requirement. He says: “We operate in a very competitive and fast-growing industry. We sought funding to further improve our product and to further accelerate our international development. We place a high emphasis on customer care, helping clients integrate our service into our systems.” Historically, most of the business’s focus was on ploughing its profits back into product development with relatively little spent on its marketing.
Why were we chosen as an alternative finance option? LendingCrowd was chosen as an alternative finance option on the strength of:
- Being a crowdlending provider based in Scotland
- The short period of time taken to understand the client’s business
- Arranging a loan that was appropriate for the size of the business
- Because loans could be repaid on flexible terms if it was ahead of the borrowing plan
- Being able to see Investors that were prepared to lend to the company, at which rates – and how quickly they could raise the funds.
- Its ablity to quickly and easily arrange loan funds
Donald summed up by saying: “Logicalware looks forward to working with LendingCrowd again in the future and would happily use its services to raise further funds to expand the business even more. We would certainly recommend the provider to other small businesses that seek a quick, efficient and accessible loan. As an Investor myself, I believe the rates on offer are competitive and offer far better value than the current banking system.” ‘There’s life, Jim.”