PayPal backs UK small businesses with over GBP 1 bln of alternative funding

Wednesday 6 March 2019 13:38 CET | News

PayPal has provided GBP 1 billion of finance to UK small businesses through PayPal Working Capital.

The alternative finance offering from PayPal allows UK small businesses to apply for, and receive, a cash advance against future sales online in minutes.

Over 37,000 British businesses have now benefitted from PayPal Working Capital since its UK launch in 2014, helping many drive forward their plans for expansion. Of the 116,000 cash advances issued in the UK, over one fifth (21%) of recipients plan to use the funding to help grow their business.

Small businesses can now benefit from an even greater injection of cash as PayPal has increased the upper limit for advances from GBP 100,000 to GBP 150,000 in response to the sustained demand for this form of alternative finance.

One business to have benefitted from PayPal Working Capital is The Shoe Snob, designers of men’s shoes and providers of shoe accessories.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: PayPal, UK, small businesses, alternative funding, working capital, finance
Countries: World