At Faire, we’re dedicated to supporting entrepreneurs on every step of the journey. That’s why we’re excited to introduce Open with Faire, a unique program for new independent retail businesses, created to provide financial assistance through access to credit, essential for purchasing all the inventory needed for a successful opening day.
Retailers that apply will have the opportunity to receive up to $20,000 in inventory financing along with educational resources to help open their store. Plus, Open with Faire is completely free — with zero interest or application fees.
Supporting entrepreneurs of all sizes
Small business applications have dramatically increased during the course of the pandemic, as more Americans turn to entrepreneurship in the wake of unemployment. However, access to capital is a major obstacle for historically underbanked new business owners and is a leading factor in why businesses fail within the first year.
We’re committed to leveling the playing field and making it easier for entrepreneurs to successfully open new retail stores. We piloted the Open with Faire program by offering roughly $10 million in credit terms to new retail businesses. Now, we look forward to growing our community of retailers as we expand the program.
“High net terms through the Open with Faire program were invaluable for us. Our store opening got delayed by several months due to permitting issues, and as such, we had to tap into our funds reserved for products to pay for rent and construction. We were on the verge of losing everything. Only thanks to high limits through Open with Faire, we were able to fully stock up our store and open the store.” – Jeanette Florez, Cherry Block Butcher
Providing access to key financial resources
We know that it’s essential to have a thoughtful assortment of curated products to establish credibility with consumers from day one. Inventory can make up over 50% of opening costs, and cash flow is often the most challenging problem that new business owners face. That’s why Faire is committed to providing new store owners with high net terms and flexible payment plans to purchase inventory.
- Terms with zero interest. Retailers can share how much they need to stock for opening, and Faire will issue anywhere from $5,000 to $20,000 in net 60 payment terms. Importantly, net terms don’t carry interest fees.
- Access to unique inventory. Retailers can stock up even without any cash on hand, with access to 15,000 high-quality brands on Faire and no payments needed on the day they place their orders.
- Sell products before payment. Faire brands will start working to fulfill orders right away, and retailers can start selling new inventory without having to pay until 60 days later.
- Additional payment flexibility. If needed, retailers can extend their terms by choosing to pay off invoices in 12-week installments, for a small fee.
“Open with Faire was extremely valuable for me. I don’t think I would have been able to get even half of the selection for my general store without the high net 60 terms. A wide selection of high-quality products really helped me establish credibility from day one.” – Josh Blancas, The Ground Floor
This new program not only provides businesses with the essential credit needed to finance their inventory, but the platform also provides key insights to help new business owners determine what to stock for their specific customers in order to increase their success rate. Faire’s educational resources are designed to help guide new businesses through this process, including a step-by-step playbook for opening a retail store.
As the program evolves, Faire is committed to continuing to support new small business owners in their journey through entrepreneurship and plans to offer even more resources and services that have historically been overlooked for small businesses.
To apply for up to $20,000 in financing through Open with Faire, visit faire.com/open-with-faire.