Business funding solutions can take many different forms and as business finance brokers we specialise in advising not only on what format to use but also which lender is best placed to meet your needs.
Whatever you buy for your business, the better your information, the better your decision. Business finance is no exception…
As much as this may seem too good to be true, there is no catch. We can currently offer a revolving invoice finance facility backed by the government’s CBILS scheme. The government will pay both the service fee and the discounting fee for the first 12 months. This means it doesn’t cost you anything. It actually get’s better. You can pick and choose which invoices you want to finance and you are not tied in to a contract. There is also no personal guarantee required on facilities less than £250,000.
If you would like to understand this offering in more detail please call us on 0845 251 4040
So in summary, you can have a totally flexible working capital facility for free for 12 months. You will obviously need to repay this facility after 12 months or incur fees. The alternative would be to refinance to an alternative working capital provider.
What are the criteria for companies?
They need to be a Limited company or LLP registered in the UK
Turnover needs to be between £100k and £45 million
One or more of the company’s directors needs lives in the UK
Neither the company nor any of its directors are currently facing any insolvency or bankruptcy procedures
The company doesn’t have any unpaid CCJs worth more than £250
Their application would’ve been viable (based on our normal eligibility criteria) prior to the pandemic.
The company has been adversely impacted by the coronavirus pandemic.The business must have not been struggling at the end of 2019 (potential insolvency, CCJs, etc.)
The business must have started trading again. (i.e. it shouldn’t be in full lockdown)
They sell goods to other Businesses (B2B).
Their debtors continue to pay within reasonable terms (max 120 days)
Facilities from £50k-£1m.
No fixed contract.
6 months min trading (1 year for construction).
Fees & Terms:
Service charges from 0.5%-3.49% calculated on the invoice face value.
Discount fees from 0.5%-1.5% per 30 days.
ALL fees are covered by government for the first 12 months.
Government will guarantee 80% of funds in use for up to 3 years (stated at start of facility).
No PG’s for limits up to £250k.
Advance rates from 55%-90% (industry specific).