A new partnership will give the hospitality industry easy access to fintech business loans.
Beyond Merchant Capital (BMC) is a Brisbane-based fintech business lender, offering an alternative to bank lending.
The group has joined with FoodByUs, a B2B marketplace for buyers in the hospitality industry to place orders directly with local foodservice suppliers.
The partnership will allow these buyers to access quick pay-as-you-trade unsecured business loans.
BMC offers businesses faster turnaround times. For SMES that have been operating for more than six months with a minimum monthly turnover of $10 000, business owners are able to access up to $500,000 in as little as 24 hours.
With the pay-as-you-trade finance model, repayments are made by withholding a small agreed percentage of a business' daily turnover via the retailer's credit, debit or EFTPOS card terminals until the loan is paid off.
This offers merchants a transparent repayment fee as opposed to an interest rate, as well as flexibility that allows for slower trade.
Larry Prosser, CEO of BMC, said, "FoodByUs has a wide and loyal customer base of cafés, restaurants, hotels and other foodservice merchants who could all benefit from easy access to pay-as-you-trade funding, in a 'lendscape' that has been traditionally prohibitive for these types of merchants.
“Now food and hospitality merchants can get a tailored lending solution that works in line with their turnover. This will allow them to improve their establishments in ways they see fit, i.e. purchasing more equipment, renovating, opening new locations or acquiring more inventory etc., without putting unnecessary pressure on their cash flow.”
Ben Lipschitz, managing director of FoodByUs, said, “Beyond Merchant Capital and FoodByUs are a natural fit as both companies strive to empower small business via innovation and customer service.
“Like Beyond Merchant Capital, FoodByUs is a tech-based marketplace providing uncomplicated product acquisition, customized solutions and top-notch service and we look forward to an exciting collaboration with this fintech leader.”
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