Exclusive Q&A With Eddie Hamid, CEO and President of iAdvance Now on His Journey in the Industry

If you cannot borrow a loan from traditional sources, there is another way to get them and that route is called merchant cash advances. Eddie Hamid, the CEO and president of iAdvance Now, is no stranger to the industry and has developed an awareness for developing an alternative financing solution for people.

He assists small businesses get back on their feet and start rolling with the capital they require. And unlike traditional financing, seeking funds through alternative financing doesn’t entail a complicated processes. We managed to talk to Mr. Hamid briefly to discuss his journey in the industry and what it’s been like so far.

Eddie Hamid

Ivan Widjaya (Q): What brought about the creation of iAdvance Now?

Eddie Hamid (A): Before launching iAdvance Now, I had worked as a senior account executive and also an insurance agent. During this period, I found out how difficult it was for small entrepreneurs and businesses to borrow funds.

The bigger firms, on the other hand, had it quite easy. This prompted me to start a financial service of my own, so that every kind of business imaginable could have access to the funds they need.

Q: What’s the best piece of advice you’ve ever received?

A: I haven’t had many people advising me. A lot of the things that I have learned in my life come from the mistakes I’ve made and how I inevitably solved them. I took it upon myself to spot what not to do and it’s made my mission even clearer.

If I had to give some advice to the younger generation or people who are aspiring to succeed in life, it would be to work hard and be consistent. Things may look tough and depressing in the beginning, but you shall reap the fruits of your hardship sooner rather than later.

Q: Is there an interesting trend you’re seeing in the market that people should pay attention to?

A: I am currently looking at the cryptocurrency and blockchain technology market quite keenly. I am curious to find out the kind of impact it would have on the lending industry as a whole. I believe people should also have (at least) a basic understanding of this emerging trend.

Q: How can people utilize iAdvance Now as their go to lending service?

A: People can resort to iAdvance Now not just for financial assistance, but also in a few other business-related spheres. For instance, if you’re not sure how much money you need for your company, iAdvance can analyze the financial situation of your business and offer creative solutions. My team’s guidance has helped companies from different industries with services such as invoice factoring, business credit, term loans, lines of credit, etc.

Business books

Q: Where do you pull inspiration from? Any podcasts, books, people you’ve come across?

A: My daily experiences inspire me a lot. As far as other resources are concerned, I like reading business books and similar texts that provide practical advice for situations one comes across daily.

If you want me to recommend a book or choose my favorite book, it would be The Art of War by Sun Tsu. I believe the book is replete with numerous life lessons. Some other business books that have inspired me are Eric Ries’ The Lean Startup, and Napoleon Hill’s Think and Grow Rich.

Q: What excites you about the future of iAdvance Now?

A: The fact that we’ve just scratched the surface and there is a lot more distance to cover. There’s a lot more people to help out there and I’m excited to offer my services to them.

Q: Do you have any business tools in your arsenal that you use to organize your days? Any certain programs or unique apps you’d recommend?

A: Our business’s most important tool is its CRM software. We have recently upgraded our computer systems. It’s had a positive impact on our operations and overall performance, proving how important our various business software tools are.