News
May 13, 2021
Faire introduces Open with Faire to help new retail businesses
Faire has introduced Open with Faire, a program for new independent retail businesses, created to help retailers get all the inventory needed in order to open. Faire is committed to making it easier for new businesses to open new retail stores. “At Faire, we’re here to support entrepreneurs on every step of the journey,” Faire noted.
Open with Faire
When store owners apply for Open with Faire, they will have an opportunity to receive up to $20,000 in inventory financing as well as other resources to help launch the new store.
“It can be challenging to secure the essential capital needed to finance your shop’s inventory. We’re committed to leveling the playing field and making it easier for entrepreneurs to successfully open new retail stores,” Faire stated. “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.”
Financing Terms
Faire will offer net 60 payment terms to help new retail stores stock the shelves now but pay 60 days later. Faire explained that its net terms don’t carry interest fees.
How it Works.
- Apply for terms and inform Faire how much financing is needed and it will issue retailers anywhere from $5,000 to $20,000 in net 60 payment terms.
- New retailers can purchase inventory using their terms and won’t pay anything on the day the order is placed, and Faire brands will fulfill your orders right away.
- Sell new products before you pay. Start selling through your new inventory and pay 60 days later.
How Terms Help
Faire explained “it’s essential to have a thoughtful assortment of curated products the very first day you’re open. A fully stocked store builds credibility with your customers from the start.’
Inventory can make up over 50% of opening costs, and cash flow is often the most challenging problem that new business owners face. Payment terms enable retailers to stock up, even without cash on hand.
“That’s why we’re committed to providing new store owners with net 60 terms to use to purchase inventory. You can buy from 15,000 high-quality brands on the Faire marketplace and pay 60 days later after you’ve sold through the products,” Faire noted.
For more information, please visit faire.com/open-with-faire.
