Liberis sets up £1m funding pot to help flood affected businesses

Business cash advance provider, Liberis has today ring fenced £1m ‘immediate access’ funding with preferential rates and set up a fast track process for micro and small businesses adversely affected by the floods and in need of financial support right now

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Liberis Logo

Liberis Logo

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.

(PRWEB UK) 13 February 2014

Business cash advance provider, Liberis has today ring fenced £1m ‘immediate access’ funding with preferential rates and set up a fast track process for micro and small businesses adversely affected by the floods and in need of financial support right now. 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.

Says Liberis CEO, Paul Mildenstein, “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. In short, 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 £2.5k or more per month in credit/debit card takings and, for the preferential rate, are genuinely affected by floods.

Ends.

For further information or an interview with Paul Mildenstein, contact Sue Laybourne on 01525 633836/07717 327302 or email sue.laybourne(at)liberis(dot)co(dot)uk.

How a cash advance works:

  •     The business owner receives an unsecured cash injection, which is repaid based on a set percentage of the business’s future credit/debit card receipts until the full payback amount is reached.
  •     £2,500 to £300,000 is available to eligible businesses, to be spent in whatever way they need. Unlike a business loan, there are no fixed monthly payments or a fixed payback period and as it’s unsecured funding, no collateral is required.
  •     Liberis only review lease agreements, landlord references and previous card statements as part of their decision making process.

About Liberis:

  •     Liberis was established in 2007 and is the UK's largest provider of cash advances for small businesses. The company is headquartered in London and employs 20 staff.
  •     To date, Liberis has given more than £70m in funding to British SMEs using this funding model and has a 90% renewal rate.
  •     It was established because SMEs were not finding the funding answers they needed in the marketplace. Traditional banking and loan models didn’t provide the flexible, simple help that most SMEs needed and, more importantly, the funding simply wasn’t available.
  •     Latest figures suggest that the scale of the SME funding gap in the UK is huge, with estimates ranging from £29bn to £59bn.


Contact

  • Deborah Mudway

    0208 487 2970
    Email