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This will allow businesses to buy or contribute towards the cost of products and services from other members using baggl.
Interest Free Credit Line
Our Credit Line facility is only available to business members, which include Ltd’s, LLP’s, PLC and registered Sole Traders, typically with 12 months+ trading history.
We’ll certainly consider applications from start-ups with less that 12 months trading history, but will likely require a directors guarantee on a percentage of the amount borrowed e.g. 25-50%.
A baggl credit line is an interest free credit facility consisting of platform ‘Trade Credits’, which have a 1-for-1 value e.g. £1.00 (GBP) = TC£1.00 (Trade Credit).
The Credit Line can be used to buy or contribute towards products and services from other baggl members.
Example: If a publisher was selling £5,000 worth of advertising space on 50% cash vs. 50% barter basis, TC£2,500 of the Credit Line could be used, with the balance being paid in cash, albeit via bank transfer.
The same logic applies irrespective of the cash vs. barter ratio e.g. 20/80, 60/40 etc.
Whenever the credit facility is used e.g. to buy a product or service via baggl.com, similar to a credit card, members will have a fixed period of time to repay whatever they’ve borrowed, albeit by selling their own products or services through baggl.com. Typically our repayment period is 90-120 days.