Direct financial provider 365 Business Finance has partnered with credit solutions provider CRIF Realtime, the creator of Credit Passport, having seen a 22% rise in enquiries from UK SMEs for merchant cash advances since April.
Over the past month, the new partnership has opened up access to fast and flexible funding to even more SMEs and Credit Passport customers.
Credit Passport and 365 Business Finance are working with UK-based SMEs that accept card payments, offering a real-time credit score and merchant cash advance application process, citing the increasing popularity of this type of unsecured business funding.
Glen Keller, chief product officer at CRIF Realtime, said: “With Credit Passport, it has always been our mission to bring the best support and innovation to the SME sector, allowing businesses to create resilience, remove friction and enable growth, especially in these challenging times.
“That is why I’m delighted that by partnering with 365 Business Finance we can allow our Credit Passport customers to realise their funding needs in a truly simple and clear way, even if they have already received government backed loans or grants. It’s the perfect complement to our highly curated business support service.”
Andrew Raphaely, managing director at 365 Business Finance added: “It’s always hugely rewarding to support companies when they require just that extra little bit of financial assistance which can then go on to make a big difference to their businesses in the long term.”
Repayments for merchant cash advances are typically taken as a small percentage of debit and credit card sales, with no fixed terms or APR and funding can be approved within 24 hours.