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A new flexible funding solution is now available for UK small businesses from payment solution experts First Payment Merchant Services (FPMS). Ushering in a new dawn of funding, the Smart Business Funding solution is stepping in where traditional banking will sometimes fear to tread.
Based on trading records and card taking history, business can access up to £300,000 with no requirement for security. They can then repay based on the pre-agreed percentage of card payments –so that they repay as they earn, and repayments can go up as well as down.
Up to 75 per cent of applications have been approved and current customers have used the money to free-up more cash flow to purchase more stock in the run up to Christmas, or to refurbish and update premises, machinery, and technology.
Vicki Kelson, Managing Director of FPMS, believes this new funding solution reflects the changing requirements of small businesses in the UK.
“Small businesses are the driving force behind the UK economy, but challenges in the form of Brexit and the technology-driven shake up of the banking sector is putting them under increasing pressure.
Funding is hard to come by and in a fast-moving world, building business plans and waiting months for approval – if it comes – can cause a small business to lose valuable income, or even fold,” explained Kelson.
As the Smart Business Funding from FPMS is not a loan, there are no interest charges, no hidden fees, no need for a perfect credit score, and a client’s credit score will not be affected.
Kelson concluded: “Small business need support, and most importantly funding. First Payment Merchant Services want to support the UK’s entrepreneurial spirit and keep driving the country’s economy.”