MarketInvoice has expanded its mission in the business finance space by launching business loans today. This will complement their suite of invoice finance solutions, allowing them to better service the working capital needs of UK businesses. The launch announcement comes as MarketInvoice rebrands, representing its evolution into a business finance company.
Businesses will now be able to obtain unsecured business loans from £10,000 to £100,000 over a 12-month term with no early repayment fees. With the launch of business loans, MarketInvoice will deepen its support for businesses requiring working capital around their invoice finance requirements.
Business loans will be available to all UK businesses with a minimum turnover of £70,000 which has been trading for at least 6 months. The solution has been beta-tested over the last three months and received positive feedback from users and partners. During this period, over £1m was advanced to UK businesses.
Building on the technology underpinning their successful invoice finance solutions, which have funded over 70,000 invoices worth £1.6b to date, MarketInvoice business loans will be equally fast to set up and easy to use. Funds will be sent to approved businesses within 24 hours of application.
Anil Stocker, co-founder and CEO said “We’re always looking for more ways to help businesses get the funding they need, that’s why we’re excited with the launch of our loans solution. This fits into our goal to support a wider range of companies and to give owners the help they need to focus on their business ambitions, rather than their funding challenges.”
“Entering the business loans space, a £35b annual market in the UK alone, was a natural move for us. Our experience in underwriting business credit, coupled with our technology and people means we are well-placed to serve this demand. To coincide with this product launch, our new brand and marketing campaign this month will help raise awareness amongst British businesses that MarketInvoice is here to help.”