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10 Jul
Independents turn to merchant cash advances to refurbish, redevelop and invest

Independent restaurants are increasingly using merchant cash advances in an attempt to keep ahead of the competition posed by chains and franchises, according to financial services provider 365 Business Finance.

The funder revealed a 100% rise in demand for its services this year to date, as restaurants and pubs seek cash advances to expand, refurbish, redevelop and invest.

The firm’s managing director, Andrew Rapahely, said he believed the current state of the casual dining sector – which saw 120 closures in London alone last year – was a driving force behind this increase.

He said: “Gone are the days of 2015 and 2016 when there were three new restaurant openings for every closure. Many new concepts have failed, whereas the tried-and-tested businesses have fared much better.

“The need for business funding has increased due to rising costs and a requirement to take a competitive edge – be that through expansion, redevelopment and refurbishment, or investment in staff and training. The closures of homogenous chains in the casual dining sector, such as Prezzo, Carluccio’s and Jamie’s Italian, have given the independents an opportunity to get a stronger foothold in the sector.

He added that independent restaurants could gain an advantage due to the fact their customers value the personal approach, knowing that their food is locally sourced and that the “restaurant is part of the community, not a corporate machine.”

The firm claimed that many restaurants and pubs are turned down by high street banks or are required to secure loans against their business or property, supply business plans and commit to lengthy terms.

Conversely, a merchant cash advance from 365 Business Finance is designed to match businesses’ cash flows, with repayments taken as a small percentage of debit and credit card sales, so they only pay back the funding when they are paid by customers.

Joel Braham, founder of The Good Egg restaurant, said, “The merchant cash advance from 365 Business Finance helped a huge amount. Cash is key in this business, when you’re buying food and have set payment terms, you have VAT costs, PAYE increasing with more staff – on any day there’s a huge amount of money going in and out of the business, so keeping on top of that can be hard. You can prepare for these things but there are some times when you need help and I think the merchant cash advance is great.

“It was straightforward to set up – all the hard work is taken care of for you and you get your card payments in your bank account in exactly the same way. If you can demonstrate that your business is operating and generating card sales, then it’s a simple, short process.”

365 Business Finance is a direct financial provider, offering a merchant cash advance product to small and medium sized businesses across the United Kingdom that are looking for unsecured business funding of up to £200,000.

09 Jul
OnDeck Launches “Summer Of Small Business” National Campaign

OnDeck Launches “Summer Of Small Business” National Campaign

CEO Noah Breslow Will Travel the U.S. to Call Attention to Business Owners Central to Our Economy and Communities

NEW YORKJune 20, 2019 /PRNewswire/ — OnDeck (NYSE: ONDK), the leader in online lending to small business, today announced the launch of a national “Summer of Small Business” campaign spotlighting the hard work and achievements of small business owners.  As part of the summer-long effort, CEO Noah Breslow will travel across the country to meet with and detail the personal journeys of small businesses to raise awareness of how critical access to financing is to their survival.

The OnDeck campaign on behalf of small business owners will run from June to September and will feature digital, social and content updates from the road as Mr.  Breslow visits with customers from coast to coast. The company has launched a dedicated hub within its Small Business Resource Center at: https://www.ondeck.com/resources/summer-2019 to capture the visits throughout the summer.  The hub will also include commentary and insight from small business owners, tips, resources and important news on issues impacting small businesses.

“Since OnDeck’s inception more than a decade ago, our focus every day has been on empowering small businesses with financing options that can help them achieve their goals,” said Noah Breslow, CEO, OnDeck. “Sometimes lenders forget that the business owner seeking financing from them is a part of the greatest economic engine for growth in our country. Each one is taking a risk to build a business, create jobs, and support their community.  We feel privileged this summer to meet with and say thank you to the small business owners who contribute so much to our nation.”

Mr. Breslow got a head start on the Summer of Small Business campaign last week by visiting customers in Marylandand Virginia.  In Bel Air, Maryland, he sat down for an afternoon of high tea with Tea By Two co-owners Erin Bradley and Janet Meyers. The unique tea room was the winner of OnDeck’s Small Business of the Month for May 2019.  The next day, in Alexandria, Virginia,  Mr. Breslow spent a lively music-filled hour with Roger Kronstedt, owner of the Alexandria Music Company, where he recognized the music store’s unique contribution to the local community.  You can learn more about Tea By Two at: https://www.teabytwo.com/.  Information on the Alexandria Music Company can be accessed here:  https://www.alexandriamusicco.com.

The summer-long celebration announced today is an extension of OnDeck’s highly successful Small Business of the Month Award program, which is dedicated specifically to driving awareness of the small business owners and their personal business journeys.   Since 2017, OnDeck has recognized the achievements of 19 different small business owners in the United States and Canada. To view the award-winning small businesses, click here: www.ondeck.com/smallbusinessspotlight

During his travels this summer, Mr. Breslow also plans to meet with local government officials and community leaders to emphasize the importance of online financing to small businesses in their districts.  According to the 2019 Small Business Credit Survey of the Federal Reserve Banks, 64% of small businesses reported experiencing financial challenges in the last 12 months. Nearly 70% of the small business owners turned to their personal funds, instead of a loan, to address their financial challenges.

“It should be a national imperative to open up and expand access to financing for every creditworthy small business owner,” said Mr. Breslow. “Applicants should not encounter long lines, endless paperwork and delays in decision-making when we have the proven technology to make those lending decisions within minutes and fund the small business owner the same day or faster. We can do better and we hope the Summer of Small Business campaign shines a spotlight on this important issue. “

Small businesses are the backbone of the U.S. economy. They account for more than 99% of all U.S. firms and employ over half of all workers. More than half of American businesses have fewer than five employees and nearly three-quarters have fewer than 10 employees. Small businesses, especially younger firms, are the main sources of new job creation for Americans.  Since 1995, small businesses have created two out of every three net new jobs for the U.S economy. (1.)

About OnDeck
OnDeck (NYSE: ONDK) is the proven leader in transparent and responsible online lending to small business. Founded in 2006, the company pioneered the use of data analytics and digital technology to make real-time lending decisions and deliver capital rapidly to small businesses online.  Today, OnDeck offers a wide range of term loans and lines of credit customized for the needs of small business owners.  The company also offers bank clients a comprehensive technology and services platform that facilitates online lending to small business customers through ODX, a wholly-owned subsidiary. OnDeck has provided over $11 billion in loans to customers in 700 different industries across the United StatesCanada and Australia. The company has an A+ rating with the Better Business Bureau and is rated 5 stars by Trustpilot. For more information, visit www.ondeck.com.

(1.) U.S. Small Business Administration/ 2018 Small Business Profile. 

SOURCE On Deck Capital, Inc.

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