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Archive for August, 2018

£15 Million secured for UK Businesses

Friday, August 31st, 2018

Small businesses turned down for loans from the UK’s high-street banks have received over £15 million of funding thanks to a government matchmaking scheme.
Over the past 12 months, 670 businesses have raised over £12 million of funding through the Bank Referral Scheme, four times what was raised in the previous year. Since it was introduced in November 2016, more than £15 million has been sourced for businesses across the country.

The Bank Referral Scheme requires Britain’s biggest banks to pass on the details of small businesses they have turned down for loans to online credit brokers. The brokers then help those businesses to source funding from alternative, and often smaller, lenders.

Rejected businesses are now automatically offered the opportunity to be referred to three online credit brokers: Alternative Business Funding, Funding Options and Funding Xchange.  Each platform provides access to a range of lenders and products, including business loans, revolving credit, asset finance and invoice finance.  Loans resulting from the scheme ranged from £100 to £1.3 million and the average size of a loan secured was £17,285.

Revolving Credit Facilities

Friday, August 31st, 2018

Download our Guide to Revolving Credit– a facility that allows you unlock cash tied up in unpaid invoices, stock and/or work in progress (WIP).  The facility is completely independent from your existing business banking with limits of up to £3 million.

It works much like an overdraft: businesses receive a limit and they can draw down funds and make repayments as often as they like in a given month.  If you don’t use the facility there are no charges so well worth a further look.  We manage the application process on your behalf and decisions are made quickly.

Click Here to download our guide and contact us to discuss your funding requirements.

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