I am delighted to announce the launch of Chaser’s partnership with Funding Circle, the UK’s largest loan platform for SMEs.
This partnership gives Chaser users access to additional funds in the form of fast, affordable business loans. Like Funding Circle, we at Chaser want to help small and mid-sized businesses worldwide to improve their cash flow. Funding Circle specialises in SME finance and makes it fast and simple for businesses using Chaser to access funding for cash flow, stock, equipment and more.
Chaser users seeking funding for their next step of business growth can now access quick, affordable SME loans through a trusted Chaser partner; Funding Circle
In a given month, 48% of all invoices issued by SMEs are paid late (Xero and Paypal). These late payments could represent a huge cash flow strain for SMEs as it may leave them needing to cover upfront costs and facing uncertainty on when, or whether they will receive payment.
According to research by QuickBooks, the average amount owed in late payments to businesses is $300,000. To a small or mid-sized business, this can be the difference between their business being profitable, or becoming insolvent. In fact, 89% of business leaders believe these late payments, and their impacts on cash flow are preventing their business' growth (QuickBooks). All in all, these late payments have a significant effect on the cash flow of businesses worldwide, with late payments costing the global economy an estimated $40billion+ every year (World Bank).
These statistics show the negative strains of cash flow faced by businesses as a result of late payment. However, Chaser’s mission since 2014 has been to help SMEs worldwide get paid in a quick, efficient and friendly way so that they save time on manual tasks and improve cash flow. As of January 2022, Chaser has helped businesses to chase and recover over $10 billion in late payments, and as a result improve their business’ cash flow and ability to grow.
Chaser has supported users in achieving stable cash flow in a number of ways such as
By partnering with Funding Circle, businesses that find themselves in a cash flow-tight-spot could now have an additional option to alleviate their cash flow strains.
As well as alleviating potential cash flow strains, SME funding can help take your business to the next level. Fast, affordable loans provided by Funding Circle can be used for a multitude of reasons to help your business grow, for example:
Funding Circle is the UK’s largest loan platform for SMEs. Founded in 2010, Funding Circle’s market-leading and unparalleled Instant Decision Lending technology enables small businesses to apply for finance in an average of six minutes, with lending decisions in just nine seconds.
A wide range of investors, including banks, asset management companies, insurance companies, government-backed entities and funds, are utilising this technology and distribution platform to lend more than £13 billion to approximately 120,000 businesses globally. This is providing small businesses with the fast and simple access to finance they need to grow and power the economy.
In 2020, SMEs borrowing through Funding Circle contributed £7.5bn to UK GDP and supported 100,000 jobs, demonstrating their strategic importance to the UK economy.
Applying for Funding Circle small business finance online is fast and straightforward:
Get started with Funding Circle today.
SMEs in Chaser’s network now have access to fast, affordable finance from a trusted Chaser partner to support their business’ cash flow and growth.
Over the coming months, Chaser and Funding Circle will be collaborating on guidance and advice for making sure your business is in a healthy place, how to move forward financially by optimising your accounts receivables, and how the British Business Bank business Recovery Loan Scheme can support your growth.
Learn more about the Chaser and Funding Circle partnership, or to start supporting your business’ growth with financing from Funding Circle get started here.