Payroll Finance
Updated: 15th January 2009 (AM)
We have access to a new, and unique payroll finance product that works by freeing up working capital that would normally be tied up in funding employee wages or salaries.
In the same way that suppliers free up cash by giving credit on the purchase of materials and supplies, Payroll Finance frees up cash by providing credit for the payment of wages and salaries. It does this by paying wages and salaries - including the PAYE and NI - for up to 60 days, thereby allowing more money to be retained as cash flow to help fund working capital. As a rough guide, a business with a gross monthly wages and salary bill of £50,000 could apply for a facility of up to £100,000.
Payroll Finance is unsecured does not require directors personal guarantees and is completely confidential, and can therefore be used in addition to businesses other existing borrowing facilities. Applicants must have a three year trading history and a minimum gross payroll of £20,000 per month
It is also more flexible than many other forms of finance because the cash it frees up can be used for virtually any purpose - for example, in helping to finance growth, covering short-term excesses on other borrowing facilities, bridging the receipt of cash from other borrowings that are not yet in place, financing the cost of new employees until they can pay their way, or simply as extra working capital.
There is an initial 6 month period during which customers must make use of the facility, but thereafter its use is entirely at the client's discretion.
Payroll Finance at a Glance
- Unsecured
- Confidential
- Can be used in addition to other borrowing facilities
- Flexible - funds can be used for many different purposes
- Quick and easy to set up - access to funds can be within 10 days of acceptance of terms
- No legal fees to pay
- No annual renewal fees
- No extended tie-ins
- No exit or breakage fees
- Early Re-payment allowed at any time without additional cost
Contact Us Online - or call 0115 984 9800.
