If you can not borrow a loan from traditional sources, there is another way to get it and this route is called cash advances. Eddie Hamid, CEO and President of iAdvance Now, is no stranger to the industry and has developed an awareness for the development of an alternative financing solution for people.
It helps small businesses get back on their feet and get started with the capital they need. And unlike traditional financing, seeking funds through alternative financing does not result in complicated processes. We managed to speak briefly to Mr. Hamid to discuss his background in the industry and what he has been like so far.
Ivan Widjaya (Q): What brought about the creation of iAdvance Now?
Eddie Hamid (A): Before I launched iAdvance Now, I had worked as a senior account manager and as an insurance agent. During this period, I discovered how difficult it was for small entrepreneurs and businesses to borrow funds.
Large companies, on the other hand, did it quite easily. This has spurred me to create my own financial service, so that every conceivable business can access the funds they need.
Q: What is the best advice you have ever received?
A: I have not had many people who advise me. Many of the things I learned in my life come from the mistakes I made and the way I have inevitably solved them. I took it upon myself to spot what not to do and it made my mission even clearer.
If I were to give some advice to the younger generation or to those who aspire to succeed in life, it would be hard work and coherence. Things may seem difficult and depressing at first, but you will reap the benefits of your distress as soon as possible.
Q: Is there an interesting trend in the market that people should pay attention to?
A: I am currently looking at the cryptocurrency market and blockchain technology very vividly. I am curious to know what kind of impact this would have on the loan industry as a whole. I believe that people should also have (at least) a basic understanding of this emerging trend.
Q: How can people use iAdvance Now as a loan service?
A: People can resort to iAdvance Now not only for financial aid, but also in a few other business-related areas. For example, if you do not know how much money you need for your business, iAdvance can analyze the financial status of your business and propose creative solutions. The advice from my team has helped companies in different industries to provide services such as factoring, business credit, term loans, lines of credit, and more.
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Q: Where do you draw inspiration? Podcasts, books, people you met?
A: My daily experiences inspire me a lot. As for other resources, I enjoy reading business books and similar texts that provide practical advice for the situations that we encounter each day.
If you want me to recommend a book or choose my favorite book, it would be The Art of War by Sun Tsu. I believe the book is full of many life lessons. Other business books that have inspired me are The Lean Startup by Eric Ries, and Think and Grow Rich from Napoleon Hill.
Q: What's your passion for the future of iAdvance Now?
A: The fact that we have just scratched the surface and that there is much more distance to travel. There are many more people to help and I am delighted to offer them my services.
Q: Do you have any business tools in your arsenal that you use to organize your days? Specific programs or unique applications that you would recommend?
A: The most important tool of our company is its customer relationship management software. We have recently updated our computer systems. This has had a positive impact on our operations and our overall performance, proving the importance of our various software tools.