Client: Galt Business Solutions
Client Location: Broomfield, CO
CDFI: Colorado Enterprise Fund
CDFI Service Area: CO
Financing and technical assistance with support from the Finance Justice Fund
Galt Business Solutions is a Black- and veteran-owned small business that offers an app-based ecosystem designed to help small businesses thrive through technology and relationships. Galt’s flagship product is an app that incentivizes consumers to choose small businesses when spending their disposable income. Owner Eric Lipsey sees this service and tool as a catalyst to bring businesses together and build relationships and connections in creating a thriving community.
When Galt needed more capital to grow, traditional institutions would not consider the business for financing since it was a startup, even though Galt was producing revenue. After maxing out credit cards, owner Eric connected with Colorado Enterprise Fund (CEF) to explore more funding options.
CEF’s Business Navigation team worked closely with Eric to provide coaching and education, which helped him learn how to create a business that focused on what his customers valued most and provided the clarity he needed to create a successful business plan that positively impacted his community.
After working with CEF on his business model, Galt Business Solutions received a loan from CEF for product development, operating capital, and marketing. Galt used the funding to build brand awareness and create a customer loyalty program, which includes creating new videos and image content and hosting events to attract new members. The loan has also allowed the business to hire one contracting employee to help manage the company.
CEF’s Business Navigation team is also helping Eric review his website to improve user experience and design, at no charge to the business. Galt has an aggressive goal to reach 10,000 app users and 1,000 businesses by summer 2023, which will make it easier to raise venture capital.
“Thank you! Thank you for giving me the opportunity to succeed. Know that I’m not only working hard to succeed because it’ll be good for small businesses and myself, but I want my testimony to give credence to organizations like CEF, as further validation of your importance,” Eric says.
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