New specialist lender for UK small and medium-sized companies has been arrange, specializing in offering quick funding.
Rapital will provide a direct route for purchasers with difficult credit score conditions, it stated in a press release, reminiscent of poor credit score, current loans, county courtroom judgements and defaults. Loans will vary between £5,000 and £250,000.
The agency will purpose to make choices in three hours to supply funding as rapidly as attainable.
Rapital highlighted the growing want for funding by SMEs within the UK, in addition to the challenges confronted in acquiring the required financing.
The agency cited statistics from the Nationwide Affiliation of Business Finance Brokers, which discovered that 32 per cent of latest purchasers efficiently funded by its members in 2023 had beforehand been denied funding elsewhere, up 3 per cent from 2022.
Learn extra: Most SMEs really feel unable to entry financial institution loans as circumstances decline
The assertion didn’t present particulars on who arrange Rapital, however in line with Firms Home different lender Capify has important management with greater than 75 per cent of shares.
Serial entrepreneur David Goldin, who based Capify, was listed as a director of Rapital till 29 Could.
Rapital was contacted for remark.
Learn extra: Capify secures £100m credit score facility from Pollen Avenue
Learn extra: Funding Circle: 77pc of SMEs anticipate to wish extra funding
