UK Small Business Owners Get Financial Help

UK Small Business Owners Get Financial Help-Image by sirqitous via Flickr

As Bank of England figures reveal that banks are still curbing their lending to business, Merchant Cash Express announces that it has doubled the amount of financial support it has given to small enterprises over the past 12 months particularly in the convenience retail sector, through Business Cash Advance.

With smaller organisations finding it particularly difficult to get credit, cash advances are an increasingly popular way to receive a financial injection especially for convenience and small retail stores which make up one quarter of all Business Cash Advance’s contracts.

“Although banks are restricting their lending, we have doubled the number of small businesses we have worked with over the past year and expect that growth to continue,” says Richard Morley, director at Merchant Cash Express. “We have an appetite for investment and are actively seeking businesses to support.”

Companies are finding that a cash advance is an effective and efficient way of securing much needed funding to help them expand and grow and are often recommended by their banks to consider a cash advance because they recognise how difficult it is at the moment to get loans approved.

Advances, which average £14,000 but can be up to £100,000, are given against future credit and debit card transactions and are repaid as these transactions are made. Whilst a fee is charged, no interest is accrued and there are no fixed monthly payments with the advance repaid as a percentage of these future transactions as they occur.

“Small businesses are the lifeblood of our country and they need to flourish if we are to see the end of the recession. Loans are increasingly difficult to secure, overdrafts are often not enough yet businesses occasionally need an injection of cash to ease cash flow, buy stock or pay for improvements,” adds Richard Morley.

Merchant Cash Express launched Business Cash Advance just three years ago after identifying the success of the sector in the US and has already helped thousands of small businesses to raise much needed funding, quickly and easily. The cash amount is based on the forecasted credit and debit card transaction values and is typically equivalent to one month’s card sales. To qualify, a business simply has to have been trading for one year, be regularly achieving in excess of 25 credit and debit card transactions a month at a minimum total value of £3,500.00. Clients typically include convenience stores, florists, hairdressers, dentists, hotels and restaurants.

Editor’s Notes

* Business Cash Advance is the product name of Merchant Cash Express Ltd – a UK based business with head offices in West London
* Merchant Cash Express was established in 2007
* Merchant Cash Express created the cash advance service in the UK and Business Cash Advance is the leading provider of cash advances to the UK’s SME community
* Business Cash Advance provides cash to businesses based on their projected credit/debit card transaction values
* Business Cash Advance is not a loan, it doesn’t attract interest; there are no fixed monthly payments or hidden fees and no collateral is required
* Advances have ranged from £3,500.00 to £100,000.00; the average advance is currently around £14,000.00
* Merchant Cash Express created this category of financial service – it was first to market and is the market leader
* 80% of business customers return to Merchant Cash Express for a Business Cash Advance having experienced it

www.businesscashadvance.co.uk

For more information please contact:

Beccy Whittles
Pilotmax
T: 0208 334 0200
E: beccy@pilotmax.co.uk

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Filed under: Business

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