By Daniel Hunter
Over a third (34%) of the 5 million small to medium-sized enterprises (SMEs) in the UK need external capital to help grow their business this year, according to a recent report for the Department of Business, Innovation and Skills by IFF Research.
However, with little evidence that proposals such as Project Merlin, Funding for Lending and the Government’s new Business Bank are yet working, other financial solutions have become critical for SMEs.
Boost Capital is entering the market to provide UK businesses with working capital to help take advantage of growth opportunities. The company brings over a decade of experience in business financing through its US parent company, Business Financial Services, which recently acquired a $82 million credit line from Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC).
Most businesses will need an influx of capital at some point. They may have difficulty getting a conventional bank loan or perhaps have a business opportunity that requires quick access to capital. Boost Capital looks at each business individually and makes funding decisions after getting to know the owners and learning about their history, revenue trends and their relationships with suppliers.
“So many of the UK’s SMEs are struggling to get funding via traditional lenders. Despite government proposals intended to help, we have yet to see any significant impact," Marc Glazer, CEO of Boost Capital said.
"We believe it is essential that SMEs with growth potential have access to financing–without a prolonged, difficult process. That’s why our goal is to provide capital in as few as five business days.”
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