Revolving Credit Facility
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We have been using Snowbird Finance for just under a year now and wish we had started using them sooner. The online application process which we can do with our patients in practice is so easy and straight forward to use.
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Are you looking to ease the pressure on your cashflow?
Do you need immediate access to funds to help cover practice expenses?
A Revolving Credit Facility provides a flexible alternative to a business loan or bank overdraft, giving a much-needed respite from any cash flow worries.
What is a Revolving Credit Facility?
A Revolving Credit Facility is a form of borrowing, which works in the same way as a traditional bank overdraft. You only pay interest on the funds when you draw them down, and only for as long as you need them. This means you can pre-arrange a maximum level of funding anticipated (from £10,000 - £150,000) without paying any interest charges until you need some or all the funds.
Best of all, when you do draw the funds, you only pay interest on the sum borrowed until you repay all or part of the capital. With no early repayment or settlement fees and the ability to redraw as and when needed, it provides complete flexibility for you and your practice.
At Snowbird Finance, we are able to offer this scheme from a reputable funder with interest-only repayments, costing just 75p per £1000 borrowed per day at a fixed rate of only 0.075% per day
How can a Revolving Credit Facility support my business?
A Revolving Credit Facility acts as a perfect general cashflow safety net and can cover any requirement such as staff salaries, delayed invoice payments, general overheads or just provide a buffer until practice revenues start to return.
Who can apply for the Revolving Credit Facility?
Ltd companies, LLP's, Partnerships and sole traders who are currently receiving fees or revenue and are established in the UK can apply. Applicants must have been established for at least 24 months, not be in arrears or have any Time to Pay arrangements with HMRC. Security may be required for larger amounts and Sole Traders or Partnerships.
Applicants must have a current revenue stream, such as NHS payments or Membership plans, as any interest due is collected weekly by Direct Debit.
How can I apply for a Revolving Credit Facility?
It couldn't be easier to set up. Our practice finance specialists will take you through the straight-forward application process and deal directly with the lender on your behalf. Once the facility is agreed, the money can be in your bank account within a few days. You can keep the money for as long as you need it or pay it back at any time, saving interest.
T & C's apply. Business use only. Subject to credit check and business background checks. Facility limit is £10,000 to £85,000 unsecured (subject to status) and £85,000 to £500,000 secured (subject to status). 3% facility fee is charged which can be taken from the capital balance or paid directly. Full terms and conditions apply.
Snowbird Finance Ltd is authorised and regulated by the Financial Conduct Authority. Snowbird Finance Ltd is not the provider of this facility, Snowbird Finance Ltd acts as a Broker and will receive a fee from the lender for any successful applications.