COVID-19 Crowdlending as a Potential Source of Money for Beauty + Barbering Pros? Yes!


Hi, ShearShare family. We trust that all of you are staying safe and are using this quarantine time to apply for the available government assistance care of the SBA. PLEASE DO NOT OVERLOOK THESE RESOURCES.

With 65% of beauty professionals having lost their jobs or know someone who has lost a job and 78% of beauty pros not having paid sick leave benefits, we understand that access to capital is top-of-mind for everyone. To that vein, ShearShare continues to pool together multiple financing options for you, to help us all make it through this unprecedented crisis from a cash-flow perspective. 
Have you ever considered borrowing money from your clients and community members/social media followers? You may have heard of crowdfunding. Well, this is crowdlending. By committing to pay your clients back when the crisis is over, you will probably be able to raise significantly more cash than you would with a GoFundMe campaign. (Hey, we just want to offer as many options as possible.) Here they are:

(a non-profit) loans are up to $15,000, at 0% interest, with no fees. Eligibility criteria are relatively loose, and people can lend to you for as little as $25. If you hustle, loans can be disbursed in two weeks!

(a B Corp) loans are $20,000 to $100,000, at 3% interest, with a 3.75% fee to Wefunder. Because the minimum is higher, we would recommend Wefunder loans for businesses with at least 1,000 social media followers. A likely timeline for disbursement is four weeks. 

Reach out to our team at hello [at] www.shearshare.com and we’ll connect you directly to a human who can walk you through either Kiva or Wefunder. 
Know that our hearts are with you as we are all impacted by the virus, either directly or indirectly. Please join us in sending prayers and positive vibes to the healthcare workers, local communities, and organizations around the world who are on the front line working to contain this coronavirus.  Lastly, this link provides access to what we consider to be the best COVID-19 resources for licensed cosmetologists, barbers, and owners.
On behalf of our entire ShearShare team, we are here and we are honored by the trust you place in us to help grow your business one day, one client at a time.