Newable Business Finance extends product range
Newable Business Finance (NBF) has announced the launch of two new lending products designed to support businesses working at the heart of the UK economy. NBF will now offer secured loans of between £26,000 – £150,000 and Cashflow loans of up to £25,000.
They join NBF’s successful unsecured loan product for between £26,000 – £150,000 which has attracted more than £300m of applications since its launched in 2017. NBF is now one of the UK largest Enterprise Finance Guarantee lenders.
Phil Reynolds, Newable lending’s managing director said, “it is a harsh reality that SMEs find accessing growth finance a real challenge and getting paid on time remains predictably unpredictable. Our mission is to help businesses to thrive. That’s why we’re keen to support these businesses in every way possible.”
The product launch comes at a time when businesses appear to be more optimistic about their prospects. The latest ICAEW Business Confidence Monitor shows a remarkable transformation with business confidence returning to positive territory (+1.3%) in the first quarter of 2020, after being at its lowest level for a decade at the end of 2019 (-20.6%).
However, as ICAEW goes on to report this is unlikely to convert into significant uplift in GDP growth. Part of the reason is that SMEs struggle to access growth finance. UK Finance data reveals that there have been a 65.9% decline in the provision of funds by banks to these companies. At the same time 78% of SMEs report being affected by late payments by their clients.
Newable Business Finance’s product portfolio is designed to address these pain points.
Newable Business Finance Secured loans are from between £26k- £150k, with interest rates from 8%. Terms are flexible across one to five years. Various property types access, apart from main residence and security can be first, second or subsequent charge.
Newable Business Finance Cashflow loans off flexible facilities of up to £25,000 at competitive interest rates. Cash can be requested anytime in full or in parts with no arrangement fees. The loan can be repaid over terms between 90 & 200 days with repayments made daily via fixed direct debit.
Chris Oram, broker development manager at Newable Business Finance said, “The introducer community plays a vital and unsung role in helping SMEs access funding. We are delighted to increase the support we offer to them and their clients.”