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multifi extends financial support to small businesses

Tuesday 30 July 2024 12:46 CET | News

multifi, a provider of financial solutions for SMBs has announced the expansion of its credit offerings to include smaller credit limits.

Features of the program offered to SMBs 

The initiative offers easier credit access to small businesses, aiding their development and financial security while maintaining higher limits for well-established companies. 

The program includes:

  • Expanded credit offerings: small businesses have credit limits of up to EUR 47.502 at competitive rates and fast access to funds within 72 hours.

  • Tailored eligibility: new requirements for small businesses include a minimum turnover of EUR 59.385, a minimum of 12 months in operation, positive cash flow, and a strong credit history.

  • Competitive rates: with a platform fee of 0.5% and an interest rate of 2.49% on borrowed funds, this offers competitive rates for financing.

  • Continued growth support: established businesses can access credit limits up to EUR 296.927, providing ongoing financial assistance throughout business development.

The more established businesses need to:

  • Operate for at least one year;

  • Demonstrate financial solid performance;

  • Excellent credit history.

 

multifi extends financial support to small businesses

 

multifi’s past integrations 

In April 2024, the UK-based cashflow management platform multifi partnered with the US-based data network Plaid to support SMEs in the UK. The goal of this partnership was to tackle the issue of lengthy finance applications for small and medium-sized businesses (SMBs) in the UK. The integration of multifi into the Plaid network focused on simplifying the financial application process through the use of Open Banking technology. 

By examining financial transactions from a range of banks such as Barclays, HSBC, Lloyds Bank, Halifax, Santander, Natwest, and Monzo, multifi aimed to speed up the assessment of SMBs financial well-being. This approach was intended to minimise the time and energy needed to apply for financial support, ensuring fast, secure, and smooth data exchange.


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Keywords: program, SMBs, financial services, financial institutions, transactions
Categories: Payments & Commerce
Companies: multifi
Countries: World
This article is part of category

Payments & Commerce

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