Quote Goat has partnered with a number of business lenders and brokers to launch a range of business finance comparison products, ideal for the tradesmen, including invoice finance, merchant cash advances and small business loans.
While testing their business finance product, Quote Goat received more than 300 applications for business finance in just four weeks, a strong indication there is demand for innovative alternatives to traditional bank finance.
Recent research by Oxford Economics* found bank lending to SMEs has fallen 3% since 2015, while credit provisions to large companies has risen by 43%.
The report also found that SMEs are being given the ‘cold shoulder’ resulting in an impact on recovery against small businesses. (*Source: The Big Business of Small Business, Oxford Economics, June 2019).
Despite the fact that SMEs are responsible for half of all employment in industrialised countries and 50-60% of GDP, the focus of banks is still on loaning primarily to big business.
Michael Foote, MD of Quote Goat, commented: “As securing bank loans is proving increasingly difficult for tradesmen, there is a real need for new finance products to plug the gap.
“The business finance comparison products on our site will help businesses secure the right finance to suit their needs.
“With traditional bank loans, borrowers are required to pay back a fixed repayment on a set day each month.
“In comparison, a merchant cash advance is a relatively new type of unsecured lending and unlike a typical business loan, there is no interest charged and repayments are based on a percentage of the card machine sales each day.
“This helps to ensure that repayments stay in line with cash flow, during both busy and quiet periods throughout the year.
“The amount to be paid back is based solely on the card receipts and not on cash takings.”
“Merchant cash advances have been praised by the government as an alternative funding option for UK businesses and they have already helped thousands of small business owners secure the funding they need for new expansion, new equipment and more.
“If a tradesman has been in business for more than six months, has monthly card sales of £5,000 or more, is a UK resident and over 18, they can qualify for a merchant cash advance.
“All credit histories are welcome, so even if they have bad credit, they can still be accepted for funding. The application process is quick and requires no paperwork, or credit check.”
Quote Goat works with providers that offer both merchant cash advances and business loans and a panel of lenders and brokers can talk through which one is suited to an SME or sole trader’s needs when they apply via the form on the merchant cash advance page here.
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