As the fiscal year draws to a close and wholesalers across the UK prepare to submit their corporate income tax returns, it’s a time of reflection and evaluation for many Small and Medium-sized Businesses (SMBs).
During this period, wholesalers 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 wholesalers 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. Wholesalers now rely on alternative finance to bridge supplier proforma payment gaps and meet customers’ 60-day terms, enhancing cashflow and revenue growth.
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. This financial gap can cause unprecedented damage to the health of wholesale businesses who are pressed with tax bills, unexpected invoices, and seasonal fluctuations. Marry this with the fact that 82% of closed SMBs site cashflow as the main reason for failure, and there is a recipe for disaster where a series of unexpected bills plus the extensive wait for finance can cause catastrophic damage to wholesalers.
With such a vast gap holding wholesalers back, finance providers must rethink their processes and better support the industry. That’s why multifi is officially launching a new finance product to take the faff out of finance.
multifi has been working with SMB partners to build an online finance platform that simplifies finance with fast decisions, fixed rates, and flexible options that can be used alongside existing funding and support businesses when they need it most.
Companies can now access up to £200,000 in credit to boost cashflow, with the flexibility of up to four months to repay the balance on any used credit.
multifi typically decides on applications in 72 hours, with zero set-up fees. Customers can make fast payments to UK and international suppliers, receiving highly competitive FX rates and 120 days of 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 that eligible wholesalers can easily sign up for a credit limit and have cash at their disposal as soon as needed, without waiting weeks even to receive a decision on finance applications.
For wholesalers, maintaining a healthy cash flow is paramount to sustaining operations and meeting the demands of a dynamic market. With multifi’s innovative finance solutions, wholesalers can now access up to £200,000 in credit limits, providing the financial flexibility needed to navigate through fluctuations in inventory, supplier payments, and customer orders. By streamlining the application process and offering quick decision-making, multifi ensures that wholesalers can seize opportunities as they arise, without the lengthy delays typically associated with traditional financing options. With multifi, wholesalers can confidently steer their businesses through challenging times and capitalise on growth opportunities with ease.
Skip the stress. Check your business eligibility today and get instant access to cash when you need it. Don’t wait to wait.
Businesses can check eligibility and find out what their credit limit might be by visiting multifi.co.uk
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