What is Business Cash Advance?
Business cash advance is an innovative way of providing funding solutions for business as its based on taking a % of future cash & card transactions.
The loan is advanced to the business and is repaid as a % of each transaction allowing the repayments to be flexible and match the businesses performance, rather than an ongoing fixed amount.
There is no ongoing interest so no penalties if it takes longer to repay, instead an initial advance fee is charged on top of the loan for example:
Customer takes out a loan of £10,000 and there is an advance fee of £2,500 meaning that the total repayable is £12,500.
The customer repays at 10% of their ongoing transactions but regardless of how long it takes to repay there will be no additional charges/interest.
What is the Criteria?
Minimum Advance £2,500 – Maximum Advance £300,000
Must take a minimum of 10 transactions a month
Must have been taking credit/debits for 4 or more months
Require an average of at least £2500 of monthly card takings
Advance up to 120% of your average monthly takings
One transparent upfront cost
This facility works across a lot of industries including; restaurants, hotels, pubs, hairdressers, beauty salons, dentists, vets and garages to name but a few.
What are the Benefits?
Business Finance and Loan Solutions
We offer a wide range of tailored, specialist financial solutions for businesses and we invite you to speak with a member of our expertly trained team to find the right solution for you.