Following this announcement, both companies will focus on providing restaurant and hospitality customers across Spain with a revenue-based, flexible, and secure financing programme. Glovo and YouLend will prioritise the process of meeting the needs, preferences, and demands of the Spanish customers and clients, while also remaining compliant with the regulations and laws of the local industry.
Throughout this collaboration, Glovo restaurant partners and collaborators will be able to apply for funding ranging from EUR 1000 to EUR 1 million, depending on their monthly sales volumes. This process will take place through their already existing Glovo business accounts.
At the same time, restaurants that have been in the business for at least 3 months and that have a minimum of EUR 1000 in POS revenue will be enabled to apply. Once the procedure is accepted, businesses and firms will be given the capability to pay a single fixed fee and repay with a small percentage of their future sales. In addition, the repayment process will be required only when restaurants make sales, as the partnership will focus on protecting businesses during the quieter periods of their development procedure.
The agreement is taking place at a time when the financial gap in the Euro area is widening. According to the ECB, 1 in 4 companies across the continent cite access to finance as a significant concern to their overall business, representing a percentage of approximately 26%. At the same time, the capital injection was made available in order to spend on any business purpose, whether restaurants need to stock up, hire new employees, open new franchises, or simply aim to boost their cash flow.
Small and medium-sized enterprises and businesses (SMEs, SMBs) will be enabled to access fast, flexible, and affordable financing, as a part of YouLend’s strategy of optimising and accelerating their development and overall financial inclusion. Glovo’s customer base will also be allowed to access the capital they need in order to protect and boost their business during the high cost of living.
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