FPMS launches new funding solution for small businesses
Payment solutions company First Payment Merchant Services (FPMS) has launched a new funding solution for small businesses.
The Smart Business Funding solution will provide small businesses that are unable to access funding from traditional banks with financial support. This is in the face of challenges such as Brexit and technology-driven shake-ups in the banking industry.
The Smart Business Funding solution will enable small businesses to have access to up to £300,000. Businesses can repay as they earn, with repayments being made based on a pre-arranged percentage of payments by card.
The new funding service is not a loan, so businesses will not be charged interest or have to pay any hidden fees. Businesses will also still be able to use the service even if they do not have a perfect credit score, and credit scores will not be affected.
Businesses are already making use of the service, with 75 per cent of applications approved. The funding enables small businesses to make changes that will help boost their business. Those who are currently use the service are spending the money on refurbishing and updating premises, purchasing stock, and updating machinery and technology.
Commenting on the Smart Business Funding solution, FPMS Managing Director Vicki Kelson said: “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.”
By offering small business financial support, First Payment Merchant Services hope to nurture the entrepreneurial spirit of the UK and to ensure that this continues to be a driving force in the national economy.