The Well Creative Consultants launches unique credit option to support project and contract gig-workers

The Well Bank to ease financial strains for consultants and freelancers

HALIFAX, NS, Dec. 7, 2022 /CNW/ - This month, The Well Creative Consultants is proud to launch The Well Bank, a first-of-its-kind financial support for consultants and freelancers operating in today's gig economy.

Meant to bridge gaps for those working project-to-project or on contracts with long pay-periods, The Well Bank offers a cash advance option to gig-workers as an alternative to high-interest bank loans.

"As many turn away from salaried positions, knowledge-based gig workers are growing as a labour force, yet the financial challenges of this type of work remain," says Sammy Davis, Founder and Chief Revenue Officer, The Well Creative Consultants. "Where gig-workers are unsupported by traditional lenders that charge high-interest for loans and lines of credit, The Well Bank was created as a better alternative to help ease the financial challenges of self-employment. For freelancers and consultants facing scenarios like unforeseen expenses, gaps in-between projects, or late payments from clients, The Well Bank provides support in a way that allows entrepreneurs to remain afloat during trying times."

Available exclusively to members of The Well's roster, The Well Bank enables freelancers and consultants to take advantage of an early cash-out on upcoming earnings, without the exploitative or high-interest punishments that come with payday loans or traditional credit. Through this unique lending option, The Well Bank provides upfront or early payment for client work when needed, for a small fee of each invoice.

"The entire purpose behind The Well Bank is to give our contract and project specialists a forward option as opposed to having to borrow when finances are tight," says Glenn Swan, Chief Operating Officer, The Well Creative Consultants. "For those on our roster, this means an advance instead of debt; a small fee instead of a 20 percent interest rate. Building a business takes support, and where The Well is at the forefront of the knowledge-based gig-labour force, we feel it's our responsibility to support the specialists out there dedicating their professional lives to building their businesses."

The Well Bank is the first of many services to roll out in the next year in support of The Well's self-employed specialists and their entrepreneurial endeavours. Subsequent phases of The Well Bank will look to extend the offering to other industries outside The Well's focus, and to deliver additional products and services designed specifically around the realities of sole proprietorships and gig-based careers.

To learn more and to work with The Well today, please visit www.gotothewell.ca.

ABOUT THE WELL
Part agency, part matchmaker, The Well is Canada's first human-centered marketplace for marketing, advertising, communications and technology services. With specialists and staff that call Canada home, The Well provides clients with support and advice, while recommending the best individuals and teams to tackle each job—all for free and without obligation.

SOURCE The Well - Creative Consultants Inc.

MEDIA CONTACT: Glenn Swan, COO, The Well Creative Consultants, [email protected], 902.817.3963