In an effort to help over 30,000 small businesses in the UK access alternative financing, Worldpay has announced that it will extend its Business Finance scheme that allows business owners to access a 'cash advanced' based on their future credit and debit card sales.
The news comes after a survey of 1,000 small business owners in the UK, commissioned by the company and carried out by YouGov, revealed that one in three small business owners have reported diifficulties in securing loans from banks.
In 2015, the Worldplay scheme was launched in partnership with Liberis and to date it has granted over £50m to UK businesses. Small businesses can receive funding in as little as 72 hours.
The company's research also highlighted the fact that businesses under five years old are just as likely to choose alternative finance methods as they are to turn to a bank to secure capital.
Though Worldpay has grown in popularity over the last few years, business cash advances still remain one of the least known forms of funding with only two per cent of businesses saying they would use this form of finance this year.
Executive vice president of Worldpay UK and Europe, Steve Newton laid out the company's plans to make more funds available to UK small businesses this year, saying:
"Worldpay Business Finance was created specifically with the unique needs and structure of small businesses in mind – it’s flexible and it’s fast. Over the next year, we’ll make it easier to access the scheme by increasing call centre and online support to enable Britain’s small businesses to thrive.”
Image Credit: Totojang1977 / Shutterstock