Bibby Financial Services has unveiled Flexidraft, which it has hailed as a “unique, new approach to business funding enabling users to access cash as and when they need it.”
Its research has found that fewer and fewer small and medium-sized businesses are now applying for external funding. In the third quarter of 2012, 60% of the firms surveyed by Bibby Financial Services said they had not applied for any external finance in the past 12 months, which suggests a greater variety of funding options are needed to help support businesses.
Bibby Financial Services’ new Flexidraft funding solution aims to provide firms with quick access to the cash they need with straight forward charging. At the same time SME owners will retain control over their finances.
Andrew Dixon, Bibby Financial Services new product director, says: “We are the first provider to offer this kind of facility which is quick and easy to set up and can provide instant access to cash by simply transferring funds online from the clients Flexidraft account directly into their bank account.
“Small and medium-sized businesses need more and faster support from traditional and alternative lenders. New and innovative solutions such as Flexidraft will be vital to ease the pressure on the banks and traditional lending methods.
“Being an independent funding provider means we are able to deliver flexible solutions such as Flexidraft, which make a significant difference to small and medium-sized businesses which have been overlooked.”
