LatAm List – Starting a business with a high-interest bank loan in Brazil is a risky bet. However, Agnes Cristina and Diogo Petri received a R$16K (~$4K) loan with a 5% monthly interest rate to start their business, since they had none of their own capital to jumpstart the company.
They invented a patented product, a cat-specific drinking fountain, then built up a retail store specifically for cats called CatMyPet. Within two months using their e-commerce platform, the business hit breakeven and started to pay back the loan. They were able to return the loan to the bank within two years.
With their products in over 500 stores in Brazil, CatMyPet is now looking to expand into the US market. They appeared on Shark Tank Brazil in 2017, and although the product did not receive investment, the appearance opened doors. They plan to make over R$6M (~US$1.5M) in 2019 as they reach new markets in the US and potentially in other parts of Latin America.
Read more in Exame.
