The company announced in June that it had loaned its first million and was on target to do the same through the summer. However, the lender's completed deals leapt, surpassing the £3 million mark.
Just Cash Flow, one of the headline sponsors at the FP show in November, is also looking to launch at least another two products before the show to give brokers' access to new options.
B&C will announce these products as soon as they are available.
In reference to the lender reaching the £3 million achievement, CEO John McLellan said: "I suppose the biggest surprise to us has been the age of the companies applying for funding lines - we expected to be predominantly funding younger businesses who were finding [it] hard to source working capital to fund their growth but the reality is that much more mature applications are being received and we believe this in part is due to the flexibility and speed of our underwriting."
He continued: "What is also helping our rapid growth is our willingness to support other lenders who have a much longer processing time - sometimes 2-3 months but whose customers need to access working capital more urgently. We have seen this trend with companies turning to crowd-funding or peer-to-peer for longterm funding without realising that it can take quite a long time to actually prepare for the fund-raise."
“This also helps brokers with their cashflows too as they literally have two bites of the cherry - providing their client with an immediate solution whilst working on the longer-term funding plan.”
Earlier this year, Just Cash flow opened its doors in Scotland shortly after B&C announced the launch of its fresh commercial product replicating the features of a traditional bank overdraft.
Leave a comment