Vince Cable announced the news at the Federation for Small Businesses, saying: ‘Today’s announcement is an important boost for non-traditional lenders with creative and innovative solutions. It will increase competition and create a more diverse and balanced market for business lending‘.
Here at MarketInvoice we are delighted to have been selected to receive £5 million as part of this scheme. This funding will be deployed via our award-winning platform and channelled directly where it is most needed – as working capital for hundreds of UK SMEs. Ensuring that these firms can secure flexible and affordable finance is essential to the future of our economy, and we are honoured to be part of the government’s solution to the credit crisis.
This isn’t just good news for us, it’s also good news for our customers. Because the money will turn on average every 45 days, in effect there will be £40 million more available in funding on our platform each year.
Anil Stocker, co-founder of MarketInvoice, said: “We speak to business owners every day that have struggled to get the finance they need to grow, despite having well-run companies with vast potential. This support from the Government means we can reach out to even more firms left isolated in the current financial services environment.”
Since MarketInvoice was founded in February 2011 we have channelled almost £50 million to hundreds of businesses throughout the country. Today’s announcement reflects the importance of the job we are doing, and the progress that we have made.
Today represents a key landmark in the shift towards a new, more efficient financial landscape, in which funding the nation’s businesses is the responsibility of a diverse range of providers, rather than a few overburdened banks. We look forward to next generation finance moving into the mainstream.