Hitachi Capital Business Finance announced the launch of its Smart Funding payment plan, which will allow small businesses to create their own repayment schedule in accordance with their cash flow forecast, as well as the seasonality of their business.
The company noted that this is the first in a series of funding initiatives being released in the coming year. The Smart Funding plan is available to sole traders and small businesses that have been trading for three or more years. Customers can set their own repayment schedule, anywhere between 2-5 years. There is also access to business funding for up to £500,000 ($616,800) and a typical APR of 6.8 percent.
In addition, customer service support is available to small businesses, as well as various Smart Funding business guides.
The launch comes with Brexit just weeks away. Hitachi Capital’s latest Business Barometer research found that UK small businesses were working hard to secure their growth during this uncertain time. And last month, research from Hitachi Capital UK found that late payments are costing small businesses an estimated £51.5 billion ($63.5 billion), with almost a third of SMBs (31 percent) reporting that late payments have cost their business at least £10,000 ($12,337) in the last 12 months.
“We have been supporting small businesses for 35 years and we understand the rollercoaster of business life which, for many, has been exacerbated by the levels of economic uncertainty that have become the norm – and is something we all have to adjust to,” Gavin Wraith-Carter, managing director at Hitachi Capital Business Finance, said in a press release. “That’s why at Hitachi Capital Business Finance we have adopted a new smart funding philosophy to our products and services. We recognize that no two business are the same and, in the current market climate, small business agility will be key to them seizing future growth, turning uncertainty into opportunity.”