(PRWEB UK) 15 January 2018
Over ten years ago and with no initial funding, three entrepreneurs, Simon Moorcroft, Rich Wilcock and Jamie Moorcroft came together to establish an online finance business. This opening venture rapidly transformed into a viable concern, turning over £3million within three years. It was successfully sold as part of a VC buyout.
The three business partners went on to create Sorodo Limited and turned their focus to the innovative but little-known Merchant Cash Advance product. It offers an array of exciting benefits for businesses who take card payments from their customers.
Few businesses had heard of this facility back in 2014, and many were struggling due to the lack of available funding from High Street banks. Sorodo worked tirelessly to raise awareness of this flexible product and took the time to educate small businesses by highlighting its many benefits via its website http://www.merchantloanadvance.co.uk.
Commenting on their campaign to reach small business owners, Sorodo’s Rich Wilcock said:
“The effects of the economic crash were far-reaching and have continued to damage the prospects of so many SMEs operating throughout the UK. Traditional lenders have slashed the finance available to small business owners, and many are unable to stay afloat without some financial backing. In 2014, the average independent retailer was struggling to stay open, let alone turn a profit. Many shops, hotels, restaurants and leisure outlets closed down, but we knew this product had the ability to not only keep businesses trading but also to help them grow.
“We set about promoting the many benefits offered by a merchant cash advance and how easy it was to pay back once everything was in place. Essentially, small businesses trading via PDQ machines could get the funds they need to buy more stock, refurbish their premises or simply meet payroll. We have since seen year on year growth of the merchant cash advance market and are proud to say that since 2014, small business owners in the UK have received over £5million of finance via our dedicated business cash advance product.”
Sorodo’s merchant cash advance customers are all UK based and process a percentage of their sales via credit and debit card payments. Typical customers include owners of hotels, restaurants, cafes, pubs, clubs, bars, independent shops both on the high street and e-commerce, convenience stores, beauty salons and garages to name a few.
Rich went on:
“We still have some way to go, as the product is still fairly unknown to the wider business community. We spoke to a lot of business owners in 2012 and 2013, and they were understandably frustrated by their situation. Many who were declined for traditional forms of finance by their banks didn’t look any further, which is why it’s so important we get the message out about alternative funding options, such as peer-to-peer lending, cash advances, crowdfunding, unsecured borrowing and so on. We are entering 2018, and still, awareness is disappointingly low, which is why we have extended our alternative finance platform to offer our customers a wider financial solution based on their circumstances and business needs.”
By extending their funding platform, Sorodo is planning to help drive the growth of even more UK businesses. They offer a range of options that can be tailored to suit the individual needs of businesses and not just those that operate using card terminal machines.
Sorodo has launched a new platform http://www.capalona.co.uk for small businesses and SMEs that will enable them to find the best funding solution at a time when they need it most.
Highlighting the facilities available, Rich said:
“The term ‘alternative business finance’ covers a variety of new funding models that allow businesses to access funds that are not readily offered by traditional lenders. These include products such as asset-based lending, invoice finance, venture capital, pension-led funding and many more. Business owners can access both unsecured and secured lending options via the website.
The new platform allows business owners to access a wide range of alternative business finance providers and products by completing one enquiry form. This will determine which lender offers a suitable funding product based on the information provided by the business owner. The results are presented directly to the applicant. Should the funder feel they can help the applicant based on the anonymised information, they will then be granted access to their full application information.
This assures applicants that their personal data is handled and treated correctly for the purpose of the application process.
The platform is free to use and the borrower will not incur any additional charges for accessing its range of alternative finance products. Lenders and their respective products are displayed to the user in a fair and unbiased way."
Both UK national and regional based funders are listed on the platform, as the sole purpose of Capalona is to offer the broadest possible choice to the owners of SMEs seeking finance.