Gustav Reyes, owner of Chicago-based Simply Wood Rings, is an artist who found a way to turn his passion into a successful business. He started selling his handcrafted wooden wedding rings through his website in 2005, and has processed payments with PayPal from the beginning.
While his business grew steadily over the years, his sales began to drop in 2014. Gustav knew he needed to update his company’s website, and he’d have to secure funding to make it happen. He also knew from past experience that the process of applying for funding and the amount of paperwork involved was daunting, so he turned to PayPal Working Capital. “PayPal knew I generated the revenue and our business was viable. Traditional banks just didn’t see that,” he said.
Small businesses like Simply Wood Rings are the engine of the new global economy. At PayPal, we’re dedicated to supporting the hard work of small businesses and entrepreneurs like Gustav as they compete and grow in the worldwide marketplace. Since late 2013 we’ve been providing access to working capital to small businesses through
PayPal Working Capital. Today, I am thrilled to announce that PayPal Working Capital has provided more than $1 billion in funding in the U.S., UK and Australia to help more than 60,000 small business owners grow their businesses and realize their dreams.
PayPal Working Capital is a user-friendly financing option that’s completely changing how businesses get access to the capital they need to grow. Because of our familiarity with our small business partners and unmatched insight, we can provide an application process that takes only minutes and deposits funds into a merchant’s account almost instantly upon approval [1]. PayPal Working Capital also makes managing cash flow easier with flexible repayments using a share of daily sales.
Gustav has secured funding through PayPal Working Capital twice this year and used it to redesign the Simply Wood Rings
website, which not only increased sales, but helped him to expand the product line, hire new employees and reach new markets.
PayPal Working Capital is currently providing more than $100 million per month – $3M per day – directly into the PayPal accounts of small business owners around the globe, more than triple the pace from a year ago. Based on the customer feedback we receive, it’s clear that PayPal Working Capital is filling a crucial void in the traditional banking system. In fact, when PayPal Working Capital customers were asked to rate how likely they would be to recommend the program to others (on a scale of 1-10, with 10 being the highest), between 85-90 percent responded with a 9 or 10, which really speaks to business owners’ enthusiasm for this program.
At the heart of everything we do at PayPal is a deep and abiding belief that we can only achieve our dreams when we enable our customers to achieve theirs. I’m so proud to work for a company that is just as committed to helping small businesses around the world thrive and grow as I am.
[1] The lender for PayPal Working Capital in the U.S. is WebBank, a Utah-chartered Industrial Bank, member FDIC.