New Small Business package from Metro Bank SME Finance boosts the ‘lifeblood of the UK economy’, with higher funding lines, no set up fees or minimum charges and substantial cash back after a year.
Of the 5.2million businesses in the UK, 5million (96%) are classed as micro businesses, employing 0-9 staff members. Yet, while SMEs are widely acknowledged as the lifeblood of the UK economy, many traditional lenders are unwilling to provide the levels of support that these young, growing businesses need.
As the entrepreneur’s bank, Metro Bank is committed to help fledgling businesses grow with the launch of its Small Business Offering, which combines the following distinctive features:
- One single fee (no set up fees or minimum fees)
- Transparent charging
- Funding lines up to £100,000
- Fair service contract terms with zero termination fees and no value dating*
- Substantial cash back of 10% of the service fee (paid on the first anniversary
- of contract commencement)
- *This is contrary to the majority of finance providers who charge a value day amount, meaning that once a customer has reduced their borrowing balance, interest is still charged on the higher balance for a specified number of days.
The launch of the new Small Business Offering comes hot on the heels of Metro Bank’s recent pledge to eliminate termination fees and value dating days from its invoice finance contracts.
Commenting on the offering, Richard Saulet, Director of Metro Bank SME Finance, said: “We have listened carefully to what business owners and entrepreneurs want and have responded by shaping our products and services to meet the needs of this incredibly hardworking business sector. We believe that banks have a responsibility to ensure fairness and transparency and to provide an environment that rewards, rather than restricts, growth.
“Every business customer should have fair service contracts that work for them – not against them. We believe that small business customers should pay just one clear, simple and transparent fee, so we have abolished setup fees and minimum fees. We also acknowledge that running a fledgling business is financially tough and our new cashback offer recognises this. These changes are in addition to the removal of termination fees and value dating from all new contracts. We are leading the way when it comes to addressing the issues facing small businesses today and challenge the traditional banks to follow.”