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SmartFlow Finance has responded to urgent UK business funding requirements for a
flexible unsecured working capital facility that most SMEs would be eligible
for.
The scheme offers an innovative approach to SME cashflow funding, with a unique
product that allows companies to grow by releasing capital normally tied up in
the company payroll.
The SmartFlow product offers unsecured funding equivalent to the payroll, PAYE
and N.I. costs typically on a 60 days revolving credit facility.
The facility is designed to work alongside traditional business lending
facilities, including bank overdraft and factoring agreements.
Smartflow is focused on being very responsive to client needs and has geared its
client service to a fast turnaround application approval process with direct
access to experienced company representatives at all times.
Henrik Platou, founder and Director of Smartflow, explained: "SmartFlow's
product is designed to fit most small & medium sized companies trading
situation.
"The product is most effective where a company is looking to expand or
streamline cashflow peaks and troughs.
"SmartFlow offers a fast and flexible form of unsecured funding. For a number of
our new clients this has meant immediate access to a new funding line of between
£25,000 and £100,000."
The product launch appears very timely as some 50% of small businesses in the UK
expect to grow during the next 12 months, with over 60% of respondents to
UK200Group's recent survey indicating they would be investing up to £100,000 to
enable this growth, with a further 23% indicating that they would investing in
excess of £100,000.
The survey targeted small to medium-sized businesses with a turnover of between
£500,000 and £12million.
Key areas that were practical and relevant to their survival, stability and
profitable growth included lack of finance, legislation, staff or skill
shortages and market competition.
"We recognise that staff are a key asset for most companies and we will accept
applications from companies that have at least five employees, have submitted at
least one year's accounts with Companies House and have a projected turnover of
more than £100,000.", added Mr. Platou.
The service enables all eligible employees and HMRC to be paid directly by
Smartflow upon approval by the client of their monthly payroll.
Key benefits of the service include compliance with prevailing legislation and
prompt payment of PAYE and NI obligations. Administrative compliance is now
becoming a critical activity and a headache for many small companies.
SmartFlow charges a one off set-up fee and an on-going monthly facility fee with
an interest rate of base plus 3% whenever the payroll is funded. A minimum
commitment to the service is 6 months.
Typically, any new business application approved before the 15th of the month
will allow the payroll to be funded in the same calendar month.
Source:
Credit
Control Journal
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