Business cash advance provider Liberis has ring-fenced £1m ‘immediate access’ funding for those in the hospitality sector affected by floods.
The pot is accessible to small businesses through a fast-track process and with preferential rates, according to the company.
Liberis CEO Paul Mildenstein said: “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".
He said the move was in response to an increase in calls from small businesses needing immediate funds for repairs, to replace damaged stock and bridging finance whilst the business is closed or slow.
The company has also set up an out-of- hours flood fund hotline (0845 600 7660).
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 company can help fund eligible businesses with amounts from £2500 to £300,000 who have been trading for six months or longer, take £2.5,000 or more per month in credit/debit card takings and, for the preferential rate, are genuinely affected by floods.