Running a Shopify store is an exciting venture, but let’s be honest—it can also be a little daunting when it comes to securing funds for growth. Whether you’re looking to stock up on inventory, upgrade your website, or boost your marketing strategy, the right loan can make all the difference. Here’s a guide to options tailored just for Shopify store owners like you.
1. Shopify Capital
Shopify understands its sellers’ needs, which is why they offer Shopify Capital.
- How it works: This is a merchant cash advance, where Shopify provides you with a lump sum that you repay through a percentage of your daily sales.
- Why it’s great: Quick approval and repayment based on your store’s performance—no fixed monthly payments.
- Who it’s for: Stores with consistent sales history on the Shopify platform.
2. Business Credit Cards
For those smaller, day-to-day expenses, a business credit card is a flexible option.
- Why it’s great: 0% interest introductory offers or cashback rewards can help you save.
- Tip: Look for cards with rewards tailored to your business needs, such as points for ad spend or inventory purchases.
3. E-commerce-Specific Loans
Lenders like Clearco and Payability specialise in financing e-commerce businesses.
- Clearco offers revenue-based financing and often integrates with Shopify to analyse your business performance for faster approval.
- Payability ensures fast access to your store’s earnings to maintain cash flow.
4. Small Business Loans
Government-backed schemes like the UK’s Startup Loans are available to Shopify entrepreneurs as well.
- Why it’s great: Fixed interest rates and no early repayment fees.
- Who it’s for: New businesses or stores expanding into new markets.
5. Crowdfunding
Got a loyal customer base? Leverage their support using Kickstarter or Indiegogo.
- Why it’s great: You pre-sell products to raise funds without taking on debt.
- Who it’s for: Stores with innovative products or an engaged audience.
6. Peer-to-Peer Loans
Platforms like Funding Circle or Zopa connect you directly with lenders.
- Why it’s great: Competitive rates and faster approvals compared to traditional banks.
7. Personal Loans
Got a great credit score? A personal loan might be a simple way to fund your Shopify store’s initial setup or upgrade.
- Tip: Compare rates using tools like MoneySuperMarket to ensure you get the best deal.
8. Grants for Online Businesses
There may be local grants available for small business owners or e-commerce stores in your city or country. Check with government websites or business associations for opportunities.
By using loans tailored for Shopify stores, you can take that next step with confidence. Whether it’s expanding inventory, boosting your ads, or simply maintaining cash flow, there’s an option out there just for you. Want to hear what’s worked for other entrepreneurs? Share your story in the comments—we’d love to hear it!
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