I’ve been thinking about this for awhile and I think all of the pieces are in place to put this “into play.”
Here’s the background….
I’m a serial start-up entrepreneur with 150 ventures (and counting) over the past 43 years. Funding these ventures through alternative funding resources (not banks) is a skillset that I have perfected after much effort and “practice.” lol (see www.peterjburns3.com)
As a consequence, I receive 30–50 “reachouts” on Linked In and other platforms looking for funding….nearly every single day. For those that require debt funding, I can help in a number of ways. There are those with the requisite good credit and FICO scores and they can qualify for either my Entrepreneur Credit Card (www.entcreditcard.com/imagine) or an unsecured Installment Loan from my financing partner Wes at Midas-Financial. For those whose credit needs repair and/or enhancement, we can also help with that at www.entcredit.com. Here’s the rub…we can only loan money to those in the US with a FICO Score…no one outside of the US.
Many “reach outs” to me for funding come from outside of the US and I’ve been perplexed as to how to help these international entrepreneurs….until now. In light of my year long venture with the Country of Vietnam in the travel vertical (https://medium.com/@bestworldtravelservices/hi-tek-inc-launches-groundbreaking-vietnam-travel-service-ecosystem-46a800ae30c0) I may well have stumbled on to the solution for my “Bilateral Funding Partnership” concept.
Part of the R&D for our sweeping Vietnamese Project was gaining the knowledge that in the US, there are approximately 1 million Vietnamese-Americans, 600,000 of whom travel back to Vietnam each year. The Vietnamese Immigrant vertical in America is a thriving and successful entrepreneurial population, responsible for sending literally billions of dollars “back home” each year. Another factor in developing my new project’s roll-out is the fact that I am currently developing an unsecured funding resource for no less than 150 Vietnamese-American nail salons for between $40,000 and $100,000 each. Taking both of these facts into consideration (billions sent back to Vietnam & US-based Vietnamese-American entrepreneurs receiving my funding) has resulted in the following innovation:
The still domiciled (in Vietnam) entrepreneurs and “wannapreneurs” with successful (credit-worthy) friends and family members here in the US…can receive business funding from unsecured loans granted to the US-based Vietnamese-Americans that I can lend money to. I can create a “Bilateral Partnership Funding” campaign to a section of the Vietnamese-Americans availing them to this unique opportunity to assist their friends and family back home to become self-reliant through the use of our preferential lending resources…filtered from the US-based borrowers.
Should this concept find traction with the Vietnamese vertical, I plan to extend this effort on behalf of many of the other international capital-seeking entrepreneurs…of which there are many…country by country.
Onward and Upward!
In my world, everything actually appears connected…especially in the entrepreneurial vein. The “Bilateral Funding” concept is valid and worth my time to implement…which I am busy doing now. However, it turns out that a seemingly unrelated project involving my Vietnamese partnership holds great promise for implementing one key component of that deal into this one.
I speak of the unique and powerfully sweeping Travel Token (www.hi-tek.io) whose eWallet and properties make the Travel Token the ultimate and zero cost system for sending money across the World…instantaneously. Since I learned recently that Vietnamese-Americans send $15 billion annually back to their families in Vietnam, I surmised that by combining the Travel Token tech with the “Bilateral Funding”….we could join the two efforts for a “double bang” with this effort.
It seems obvious to me that the transfer of money seamlessly and economically (read free vs. onerous bank transfer/Western Union rates) that already occurs at the rate of $15 billion/annually could also work on the transferring the funding I provide to qualified Vietnamese-Americans willing to support their SE Asia friends and family in business start-ups and expansion.
What is more, I learned from a recent interaction with the stem cell pioneers from India with whom I just started collaborating…that there are 6 million Indian-Americans that may well embrace my “Bilateral Funding” program for their friends and family back in India. What is more is that these same Indian-Americans process nearly $100 billion in funds transfer back home to India each year.
Hmmmmm, I think I’m on to something! 🙂
Follow the “Adventures in Capitalism” of Peter J. Burns, III at www.peterjburns3.com