Business cash advance provider Liberis has ringfenced £1m ‘immediate access’ funding for micro and small businesses adversely affected by the floods and in need of immediate financial support.
The move is in response to an increase in calls from small businesses needing immediate funds for repairs, to replace damaged stock and even bridging finance whilst the business is closed.
The company has also set up an out-of-hours flood fund phone line (0845 600 7660) so businesses can start the process to arrange funds as soon as they have a problem.
Paul Mildenstein, Liberis’s CEO, said: “We’ve all been following the news and feel great sympathy for everyone affected by these floods. So when businesses started calling us for funds to help them through the effects of the flooding, we wanted to provide some much needed extra help so they can get back up and running quickly, easily and cost effectively. These businesses need easy access to money that will be in their bank accounts within days and can’t always wait for their insurance claims to be processed.
“We’ve advanced funds to nearly 2,000 every day businesses like hairdressers, pubs, convenience stores and garages, so we know just how disastrous something like this is. The traditional forms of funding aren’t easy to come by anymore and, if they are, they’re time consuming and complex to arrange and people need cash flow now.”
Liberis’ business cash advance is an unsecured cash injection that is repaid based on a set percentage of the business’s future credit/debit card receipts until the full payback amount is reached.
Effectively, the money is paid back only as the business earns, so for businesses that have had their trading impacted by the bad weather, repayments will mirror the exact performance of their sales.
Liberis can help fund eligible businesses with amounts from £2,500 to £300,000 who have been trading for six months or longer, take £2,500 or more per month in credit/debit card takings and, for the preferential rate, are genuinely affected by floods.
