More than 180 small business owners have been flexing their finances through a new cash advance scheme offered through our alternative finance partner YouLend.
As the cost of living and running a business crisis has taken its grip, we’ve been able to offer a lifeline to small business owners looking to inject some cash to maintain or grow their business.
Sean Kelly, Sales Director at Inspire Payments comments: ““We are in a privileged position of having an existing financial relationship with our customers through our merchant services and can verify operating revenue which fast-tracks them as a suitable candidate for borrowing through the YouLend scheme.”
“We have found that our customers have realised the many benefits of this short-term cash injection into their business – around 50 per cent have renewed their loans or taken out another one.”
Every small business owner will agree that securing funding is vital for growth. In this current economic climate, every day brings unforeseen challenges, with shrinking margins and economic competition making it essential to allocate sufficient cash flow for the financial health of the business.
Hiring skilled employees or investing in new equipment or upgrades helps expand your capacities and keeps you competitive. In order for your business to meet these needs, It’s essential to reserve sufficient funds to meet these investments.
Around 180 small businesses have accessed the flexible cash advance funding loans -surpassing £1.5m of lending to Inspire Payments’ customers.
Sean adds: “Whether you are a fledgling business launching a new product or service, or an established small business striving to maintain profitability, cash is king when it comes to driving the progress of operations.”
With new and existing customers being offered access to funding of up to £1,000,000 to grow their business and pay back when they make money, business owners are able to be financially flexible in their decision-making and manage their business stability and growth.
Qualiﬁcation is based on average earnings from card payments. This information is taken from latest merchant statements and a minimum monthly card turnover threshold of £3,000per month is required, based on a minimum of 3 months’ worth of trading.
An advance payment is made as a lump sum, which is then repaid as an agreed percentage of future card transactions. This percentage can vary from 5% to 20% of daily takings.
Jack Stokes Partnerships Manager, at YouLend adds: “The partnership between YouLend and Inspire Payments has allowed over 180 customers access over £1.5m in business funding to support their business. Different to a bank loan and repaid via card transactions through Inspire Payments’ terminals, the partnership is a natural fit and value-add for both Inspire Payments, YouLend and our customers.”
As an example, business owners can access an advance at 100-110% of their monthly card turnover e.g., a monthly card turnover of £15,000 will equal around a £15,000-£16,500 advance.
To find out more about keeping your cash flowing through Inspire Payments visit our Cash Advance page.