In 2017, Claire Summers' side hustle struck it big: Gratitude Glass Jars was listed as one of Oprah's favourite things, and US demand for her jars to mark positive experiences soared. To fund her expansion, Ms Summers sought a loan, but was rebuffed by the banks.
Eventually, she went to private non-bank lender GetCapital and borrowed $30,000, which she repaid. Late last year, ahead of a push on home shopping channels, she borrowed another $50,000 at 14.7 per cent interest, payable over a year.
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Jemima Whyte writes on business, specialising in companies, capital markets and innovation. Jemima has reported on business for The Australian Financial Review for more than 13 years. Email Jemima at jemima.whyte@afr.com
