multifi, a leading provider of innovative financial solutions for small and medium-sized businesses (SMBs), has announced the expansion of its credit offerings to include smaller credit limits tailored specifically for smaller businesses.
This initiative aims to provide easier access to credit for these businesses, supporting their growth and financial stability, while maintaining higher limits for more established companies, according to FF News.
Acknowledging the unique challenges faced by smaller businesses, multifi has introduced new credit options with specific eligibility criteria.
This latest offering is designed to empower smaller enterprises by providing accessible credit with limits of up to £40,000.
This will enable these businesses to manage cashflow and seize growth opportunities effectively.
Additionally, multifi offers competitive rates, including a platform fee of 0.5% and an interest rate of 2.49% on used funds, presenting a cost-effective financing option. The onboarding and loan approval process is notably swift, with funds available within 72 hours, a significant improvement over traditional methods.
For more established businesses, multifi continues to provide credit limits of up to £250,000, ensuring that companies at all stages of growth can access the financial support they require.
The new credit options come with distinct eligibility criteria to ensure they effectively serve smaller businesses.
These criteria include a minimum annual turnover of £50,000, at least 12 months of operation, demonstrated positive cashflow, and a good credit history.
For more established businesses, the criteria include an annual revenue exceeding £250,000, at least one year of operation, demonstrated financial solid performance, and an excellent credit history.
Robert Keown-Boyd, CEO of multifi, commented, “At multifi, our mission is to simplify finance for all businesses, regardless of size. Our new credit offerings are designed to provide smaller enterprises with the financial flexibility they need to thrive in a competitive market while continuing to support more established businesses. We believe this initiative will make a significant difference in supporting the growth and success of these businesses.”
multifi’s expanded credit offerings underscore its commitment to providing flexible and accessible financial solutions tailored to the needs of all businesses.
These new credit options complement multifi’s existing range of financial products, ensuring that businesses of all sizes can benefit from its innovative services.
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