by Lacey Pfalz
Last updated: 9:20 AM ET, Wed November 9, 2022
WeTravel, a booking and payments platform within the travel industry, has launched a new travel business loan program to aid travel advisors and other small businesses within the industry with the WeTravel Growth Capital.
WeTravel Growth Capital offers a range of financing options from receivables advances to lines of credit for those who meet the minimum requirements. A travel business must qualify with an average of $10,000 in monthly revenue, have operated for over six months and have a minimum of 550 credit score.
The application should take about 15 minutes, after which a funding advisor reviews the loan offers with the applicant. Capital can then be received within 24 hours through direct deposit.
"It has been a difficult season for the travel industry, especially for small, local businesses and operators. As we emerge into a new season, WeTravel is providing additional support to help travel businesses successfully recover and increase profitability with access to the money they need," said Zaky Prabowo, WeTravel's chief operations officer and co-founder. "As a separate but complementary offering to our platform, offering Growth Capital aligns with our business's founding mission to provide opportunities for any travel business to successfully operate a business with the assistance of travel-specific technology."
Over 65 percent of WeTravel's users are small- to medium-sized businesses, which are the most vulnerable to shifts in the industry and the overall economy.
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