Ashley launches retail cashflow lender

ULTIMATE Finance has launched a new funding business aimed at smaller retailers struggling with cashflow issues.
 
It has set up Ashley Business Cash at its base on Mosley Street, Manchester, to provide businesses in the retail sector with cash injections of up to £25,000 based on future sales.

ABC’s customers then make repayments through debit and credit card sales, typically over a six-month period, using the business’s existing PDQ terminal.

Colin Samuels, managing director of the new venture said: “These are challenging times for businesses in the retail sector, particularly in terms of accessing finance, because a lot of the banks are still reluctant to lend money.

“Many bonafide retail businesses are coming under increasing pressure and, whilst the Government is doing its bit to try to help, business owners are still finding it difficult to access funds.”

Mr Ashley, previously with Ashley Commercial Finance – which was acquired by Ultimate Finance in 2010, added: “The cash can be used for any business need, whether that’s working capital, opening additional locations, renovating or refurbishing existing premises, purchasing equipment or additional stock, PAYE, VAT, wages or any other business needs they might have.
 
“Unlike a bank loan there are no up front fees, no fixed monthly payments, high approval rates and a fast turnaround.”