Since we started Business Financial Services in the USA, we have helped over 12,000 SMEs meet their growth potential.
Keen to capitalise on the experience we had gained helping small businesses, we considered expanding Business Financial Services beyond the USA. The UK seemed to be the natural next step, with reports of banks not lending to SMEs and government acknowledgement that small businesses and their entrepreneurial spirit would help drive the economy out of recession.
We established Boost Capital in the summer of 2012 to help provide UK businesses with the working capital they need to take advantage of growth opportunities. We initially offered our services on a trial basis to a small number of businesses, while testing the appetite for alternative forms of finance, before formally launching in May last year. At this time, we also secured an $83 million credit line from Wells Fargo Capital Finance, part of Wells Fargo & Company, to support the rising capital demand of small and medium sized businesses in the USA.
Like most alternative lenders, we know that many businesses will need an influx of capital at some point. We also understand that they may have difficulty getting a conventional bank loan or perhaps have a business opportunity that requires quick access to capital. How Boost Capital and Business Financial Services differs is that it looks at each business individually and makes funding decisions after reviewing the business history, revenue trends and their relationships with suppliers.
Our goal is to provide reliable capital solutions that not only deliver funding in as few as two business days, but also ensures the business has an affordable repayment plan that is sensitive to their individual business fluctuations. As alternative funding gains greater recognition as a viable option for small businesses and the global economy returns to growth, we are looking forward to supporting more SMEs in reaching their growth potential by helping fulfil their short-term financing needs.