The Tribune

A Bahamian credit provider has teamed with the MobileAssist app to offer business borrowers free access to marketing.

The benefit is being offered as part of a loan package arranged by Nassau-based Simplified Lending, whose founder and chief executive said he conceived the idea after listened to the struggles and challenges of small to medium-sized business owners who lacked the necessary financing to promote their products and services to a wider audience.

“I heard this concern repeatedly,” said Robert Pantry. “The owner of a small business saying he or she had a product or service that should spell success if only they could get it into the hands of customers.

"They were stumped about how to get from development to public awareness and consumer consumption. One business owner described it as having the door slammed in her face, though she knew the people on the other side wanted what she had in her hands.”

Mr Pantry said small to medium-sized business borrowers felt print and electronic advertising was beyond their means, though they appreciated its value. Some relied on social media, but knew there had to be more.

To address the issue, each Simplified Lending business customer as at November 1 has received a marketing package and a pre-paid membership to the MobileAssis app, where businesses have the option to list their services, hours, directions, provide a link, offer discount coupons or just reach a huge database.

“It’s the same as if you went into a bank, got a loan and, with that loan, the bank paid for free advertising for your business in the newspaper or on TV,” explained Mr Pantry.

Signing an agreement with MobileAssist, he said, has given Simplified Lending clients participation rights to the app with 8,000 active clients, more than 120 local merchants and over 95,000 downloads since its launch in 2015.

“MobileAssist is designed to provide information and convenience to the end user,” said technology and real estate executive, Philip Simon. “The end user clicks on the app, which you can download quickly on any device, and he or she can click on any of 60 alphabetically-arranged business categories to see the names and hyperlinks to a world of who is in that space.”

The app allows the user to purchase goods online, transfer funds, top-up on a mobile device, order food from a participating restaurant along with delivery, get directions or find digital coupons offered by a member. According to another MobileAssist executive, one well-known uniform business in The Bahamas has increased sales by 200 percent to 300 percent since offering coupons on the app.

“We at Simplified Lending saw the advantages that participating in MobileAssist could bring to local businesses,” said Mr Pantry. “We also liked the fact that it was created and owned by Bahamians. We partnered with them, with Simplified bearing any associated fees so that we could offer it as a value-added service to anyone who borrows through our firm.

"It’s an extra push we are making on their behalf, the funds they need, the marketing advantage they can use, as we seek to be a boutique financial services firm.”