Retailers in the food industry drive interest in quickly available and adaptable funding options
In the midst of the ongoing pandemic, food retail outlets in the UK have been facing an extremely busy time due to increased household demands during lockdowns. To help these businesses navigate through these challenging times, London-based lender 365 Business Finance has been providing a valuable source of funding.
The lender specialises in offering merchant cash advances, a flexible financing instrument that can assist businesses with amounts ranging from £5,000 to £200,000. These advances have been particularly popular among food retailers, with the average application now standing at £20,000, marking a 22% increase in the last 12 months.
The flexibility of a merchant cash advance has proven suitable for food retail outlets' needs for a simple and quick way to access extra funds. Repayments for these advances are taken as a small percentage of debit and credit card sales, with no fixed terms or APR attached to the funding. This makes it an attractive option for businesses that may be struggling with traditional loan repayments.
Food retailers have been using these advances to invest in more stock, manage cashflow, and fund premises refit. In fact, the increased demand for merchant cash advances by food retailers is primarily due to the need to invest in additional stock. The London-based lender reported an 18% year-on-year increase in the number of food retailers taking out merchant cash advances in 2020.
Convenience stores have been the most frequent businesses seeking additional and flexible funding during the pandemic. Approval for a merchant cash advance from 365 Business Finance can be secured within 24 hours, providing a quick solution for businesses in need.
Managing Director at 365 Business Finance, Andrew Raphaely, has praised food retailers for their efforts in feeding the nation during the pandemic. He said, "We're proud to support food retailers during these challenging times. Our merchant cash advances provide a flexible and manageable funding solution, helping businesses to invest in more stock, manage their cashflow, and adapt their premises as needed."
Food retailers who have already used the Bounce Back Loan Scheme and Coronavirus Business Interruption Loan Scheme can still apply for a merchant cash advance from 365 Business Finance. This additional funding option can help businesses to continue meeting the increased demands of their customers and navigate through the ongoing pandemic.
For more information on how merchant cash advances can assist your business, visit www.365businessfinance.co.uk.
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