Liberis sets up £1m funding pot to help flood-hit hospitality firms

20 February 2014 by
Liberis sets up £1m funding pot to help flood-hit hospitality firms

Business cash advance provider, Liberis has ring fenced £1m "immediate access" funding with preferential rates to help flood-hit hospitality businesses and other small firms.

The company said it had put in place a fast track process to help those in the hospitality sector who needed cash quickly to fund repairs, replace damaged stock and even bridging finance while the business is closed or slow.

It has also set up an out-of- hours flood fund hotline (0845 600 7660) so businesses can start the process to arrange funds as soon as they have a problem.

Paul Mildenstein, chief executive of Liberis said: "We've all been following the news and feel great sympathy for everyone affected by these floods. So when businesses started calling us for funds to help them through the effects of the flooding, we wanted to provide some much needed extra help so they can get back up and running quickly, easily and cost effectively. These businesses need easy access to money that will be in their bank accounts within days and can't always wait for their insurance claims to be processed.

"We've advanced funds to nearly 2,000 every day businesses like hairdressers, pubs, convenience stores and garages, so we know just how disastrous something like this is. The traditional forms of funding aren't easy to come by anymore and, if they are, they're time consuming and complex to arrange and people need cash flow now."

Liberis' business cash advance is an unsecured cash injection that is repaid based on a set percentage of the business's future credit/debit card receipts until the full payback amount is reached. The money is paid back only as the business earns, so for businesses that have had their trading impacted by the bad weather, repayments will mirror the exact performance of their sales.

Liberis can help fund eligible businesses with amounts from £2,500 to £300,000 who have been trading for six months or longer, take £2,500 or more per month in credit/debit card takings and, for the preferential rate, are genuinely affected by floods.

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