Boost Capital in launch of £10m fund to support SMEs

The fund will support businesses in a variety of sectors, including salons, restaurants, pubs, garages, dentists and independent retailers.

It aims to provide an affordable alternative to bank lending.

David Abbott, the managing director of Boost Capital, said yesterday: “SMEs (small and medium-sized enterprises) and their advisers in Yorkshire are in need of suitably-priced funding.

“We will work closely with our clients and their advisers in multiple sectors to raise awareness throughout these industries that there are other lending options out there.

“By establishing this fund, we have a great opportunity to make a real difference to many sectors in Yorkshire by supplying SMEs with cash injections that can be used for any business expense, from renovations to acquisi-tions.”

Boost Capital enables businesses to use future credit card sales to access the unsecured funding that they need to invest in new equipment, stock, marketing and staff.

Business owners who accept credit and debit cards as a form of payment can qualify for £5,000 to £500,000 in 24 hours.

They can receive the funds in five to 10 days.

Based in Chelmsford, Essex, Boost Capital is the UK arm of one the biggest providers of business cash advance services in the US, BusinessFinancial Services (BFS). Miami-based BFS provides working capital to business owners in the US and Puerto Rico.

BFS helps small and medium-sized businesses to get the financing they need to expand their operations.

BFS can also provide help with cash flow.