Specialist commercial finance provider Reparo Finance has launched a new revolving credit facility to help SMEs with cashflow.
It offers flexible access to £25k-£75k over the course of a financial year.
Features include:
- Minimum first drawdown of £25,000
- Further drawdowns as needed (up to two per month)
- No non-utilisation fee
- Payments are interest-only. This is calculated daily and paid monthly for the interest accrued over that month.
Steve Richardson, Reparo’s commercial director, said: “We know it’s not easy running a business in today’s climate. SMEs with a sub-£1m turnover are often overlooked in the market. There’s a real need there for something different.”
“From conversations with business owners and brokers, we found that £50k was often the ‘magic number’ for working capital for many businesses. When using standard unsecured loans to meet this need, businesses risk becoming over-leveraged, taking out £100,000s in loans over the course of a year simply because they needed £50k of working capital on several occasions. Our new facility offers them something more suited to this scenario.
“The new revolving credit facility offers SMEs the funds to fulfil large contracts, expand their team or open a new site – whatever they need to grow.
“Having the funds on tap to draw down as needed allows businesses to react quickly and grab growth opportunities with both hands.”
