As the financial year draws to a close, many manufacturers across the UK prepare to submit their corporate tax returns. Businesses face the daunting task of assessing their financial health, seeking ways to avoid times of tight cashflow and navigate tough challenges such as unexpected fees, late payments, and quarterly VAT bills.
With banks continuing to withdraw from the market, alternative finance has become a key contributor to the success of manufacturers seeking financial support in periods of tight cashflow. Many industry sectors across the UK benefit from new products and innovative solutions that traditional banks can’t provide.
However, a report from the Bank of England highlights that businesses often wait over six weeks to reach even a preliminary quote stage from finance
providers (1). This financial gap can cause unprecedented damage to the health of online businesses pressed with tax bills, unexpected invoices, and seasonal fluctuations. Marry this with the fact that 82% of closed businesses cite cashflow as the main reason for failure (2), and there is a recipe for disaster where a series of unexpected bills plus the extensive wait for finance can cause catastrophic damage. After waiting six weeks for an application decision, it’s often too late.
Businesses can check eligibility and get an indicative credit limit at multifi.co.uk
It’s time for change
With such a vast gap holding UK manufacturers back, finance providers must rethink their processes and better support the industry. That’s why Multifi has launched a new finance product to ‘Take the Faff out of Business Finance’.
Through Multifi, manufacturers can easily apply for pre-approved credit and set up a Multifi account, so cash is available when it’s needed without a lengthy application process.
Manufacturers can access up to £200,000 in revolving credit, with up to four months to repay the balance on any used credit.
Initial applications and company background checks typically take only 72 hours, and there are zero set-up fees to create an account. Once approved, customers can make fast payments to UK and international suppliers, receiving highly competitive FX rates and four months to repay credit.
Customers pay a monthly fee of 0.3% of their credit limit with an interest rate of 1.99% per 30 days on used funds.
This means eligible manufacturers can quickly sign up for a credit limit and have cash at their disposal as soon as needed without the weeks of stress of waiting for a decision on finance applications.
Fluctuations in inventory, supplier payments, and customer orders are painful enough without the added pressure of waiting for a decision on finance applications. By setting up a Multifi credit account, manufacturers can confidently steer their businesses through challenging times and capitalise on growth opportunities.
Businesses can instantly check their eligibility at multifi.co.uk and see an indication of what their credit limit could be.
Don’t wait until it’s too late. Find out how much credit is available for your business.
Tel: +44 (0) 20 8432 9929
Email: sunil.dial@multifi.co.uk
Web: https://multifi.co.uk