Q&A with Owner, Eric Lipsey
Give a high level overview of your business. What products or services you offer, where you're located, etc.
Galt Business Solutions was officially started on April 1, 2022. Our focus is on creating tech and non-tech resources that help small businesses thrive. Our flagship product is the Galt app. It is the most comprehensive advertising tool on the market. The app incentivizes consumers to choose small businesses when deploying their disposable income. The app features an opt-in loyalty program, rewards program, referral tool and free way to promote special offers.
How did the idea for your business come about?
This idea first came during the 2009 recession. After my wife and I closed our boutique, I explored our weaknesses. One of our greatest weaknesses was getting shoppers to know we were there. We were off the beaten path and didn't have funds for marketing.
Describe your typical customer and what you love about your customers.
Our business customers are small business owners who mostly want to plug into a system where they can be hands off and generate new business. We love them for their bravery to step out and take risks to manifest what they want to see in the world. We're excited to have the opportunity to assist.
What led your business to seek out new/additional funding?
The process of being seen comes at a cost. The time it takes to build trust comes at a cost. Funding allows us to buy time. It's basically runway. If a plane runs out of runway prior to lift off, it has to stop. Funds allow us to keep moving.
How did you find out about CEF?
I was in the process of looking for sponsors for our 2023 events, events we use to grow awareness for Galt. I decided to reach out to Energize Colorado for sponsorship. They weren't able to sponsor, but recommended possible lending sources, including CEF.
What ultimately made you decide to go with CEF as your lender?
I may be wrong, but I'm certain that I couldn't have found a better interest rate anywhere. The terms were favorable to Galt's success. It was a no brainer.
What were you able to do with the funding you received from CEF?
Marketing! We've been creating new videos and image content as well as events to attract new members. It's helping us to spread the word about our brand and that is crucial to our success.
What advice would you give to another small business owner going through the loan process?
There are two things that I'd tell anyone seeking a business loan. 1. Be patient, the easy money is usually predatory. 2. Make sure the loan is structured in a way that will allow your business time to capitalize on the funds.
What is something you're looking forward to in the next 3-6 months in your business?
Growth! We have aggressive goals to reach 10,000 app users and 1,000 businesses by this summer. Reaching this goal will make raising capital from VC's much easier.
Is there anything else you would like to share with us?
I don't have anything else to share, but I want to say, "Thank you!" Thank you for giving me the opportunity to succeed. Know that I'm not only working hard to succeed because it'll be good for small businesses and myself, but I want my testimony to give credence to organizations like CEF, as for further validation of your importance.