Go Business Loans, a business loans provider based in South Wales, has secured a six-figure investment that will allow it to expand its support of small businesses seeking short-term lending options.
The firm provides loans of between £2,500 and £20,000 to businesses across the UK through manual underwriting; evaluating a business’ needs and repayment abilities rather than using a computer algorithm to determine what financial support they can offer.
The investment follows a period of growth at Go Business Loans, which since launching in April 2021, has supported over 20 clients with new business loans and five companies with top-up loans.
This significant investment will grow Go Business Loans’ investment funds fivefold and could allow it to support around 50 new businesses, based on their average loan size, many of which are not wishing to borrow more than they need through a Government Recovery Scheme or have been turned down by other lenders based on their finances alone.
The funding will also allow Go Business Loans to finance VAT loans between £3,000 and £50,000, offering 100% of the VAT due with 90-day loan terms and daily interest rates without early repayment penalties. Businesses can expect results within 24-hours of applying.
David Vieira, managing director of Go Business Loans, said: “We are thrilled to receive this investment. Not only is it a testament to the services we have provided since launching, but the funding will also allow us to help even more businesses going forward.
“I am immensely proud of our progress so far, and how we have also been able to support our clients with growing their businesses, especially through such difficult and uncertain circumstances.”