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New specialist lender for UK small and medium-sized companies has been arrange, specializing in offering quick funding.
Rapital will supply a direct route for shoppers with difficult credit score conditions, it stated in an announcement, corresponding to poor credit score, present loans, county court docket judgements and defaults. Loans will vary between £5,000 and £250,000.
The agency will goal to make choices in three hours to supply funding as shortly as potential.
Rapital highlighted the rising want for funding by SMEs within the UK, in addition to the challenges confronted in acquiring the mandatory financing.
The agency cited statistics from the Nationwide Affiliation of Business Finance Brokers, which discovered that 32 per cent of latest shoppers efficiently funded by its members in 2023 had beforehand been denied funding elsewhere, up 3 per cent from 2022.
Learn extra: Most SMEs really feel unable to entry financial institution loans as circumstances decline
The assertion didn’t present particulars on who arrange Rapital, however in line with Corporations Home different lender Capify has vital management with greater than 75 per cent of shares.
Serial entrepreneur David Goldin, who based Capify, was listed as a director of Rapital till 29 Could.
Rapital was contacted for remark.
Learn extra: Capify secures £100m credit score facility from Pollen Avenue
Learn extra: Funding Circle: 77pc of SMEs count on to want extra funding
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