/wholesale banking

News and resources on transaction banking, corporate banking and supply chain finance.

Asto and Funding Options team up to offer flexible loans to small businesses

Source: Asto

Asto Business Capital loans are now available on Funding Options as part of a new partnership with the business finance marketplace.

The Santander-backed digital platform joins Funding Options’ roster of more than 200 lenders, offering loans of as little as £150 or as much as £150,000, to help small businesses grow or to plug urgent cash flow holes.

With Asto Business Capital customers remain in control by being able to apply for an up front, no cost and no obligation credit limit, so they know how much their business can borrow. Businesses do not need to use their entire credit limit at once, borrowing only what they need and can choose their repayment period between 6 and 12 months. Businesses can repay their loan at any time without incurring early repayment fees, and can return to borrow up to their credit limit whenever an opportunity arises. Asto Business Capital loans have no minimum turnover threshold, which means even early stage startups can apply to secure short term funds.

Access to small, business-friendly loans has been enabled by Funding Options’ proprietary technology, which uses a unique algorithm and open banking to match companies with the right lending options based on their eligibility and needs. The time saving platform allows businesses to shop around to fulfil short or long term funding needs, whether it's to grow their business or take advantage of new opportunities.

As UK businesses reopen following the Covid-19 imposed lockdown the need for working capital at short notice will heighten. Last week, thousands of independent businesses and non-essential retailers opened, with the Government planning to allow hospitality and leisure businesses to reopen from the 4th July.

In a climate where small businesses' finances have come under severe pressure, flexible and lower-cost solutions will prove essential. Funding Options has earned a reputation for helping small businesses access funding fast, with its record for application to approval being just 11 minutes. Similarly, once a business has been offered a credit limit and the customer is happy with the terms, Asto Business Capital loans typically arrive in accounts in minutes.

Both companies have invested heavily in their hybrid models, combining smart tech with business finance specialists to empower customers to make informed decisions. This powerful combination enables business owners to scope out the best option to help them face the challenging headwinds.

Simon Cureton, CEO at Funding Options who has also worked for world-leading financial services companies comments: "The Funding Options team is incredibly excited to be partnering with Asto - one of a new breed of ambitious & innovative lenders laser-focused on providing truly flexible finance solutions for businesses. At a time when the SME finance sector is facing some huge challenges and is in real need of positive momentum, it is outstanding to see Asto step up to show its commitment to independent UK businesses. In Asto we believe we have a partner that can match our own ambition, together using new technologies to push the boundaries of SME lending as they have been perceived to date."

Nicolette Maury, CEO of Asto, commented: "We are thrilled to be partnering with Funding Options, representing the beginning of an exciting relationship that will further our mission to support people as they grow their businesses. At Asto, we understand that no two businesses’ needs are the same, which is why we’ve designed our Asto Business Capital loans product to offer business owners flexible financial support. Modern technology allows us to provide innovative solutions that are simple to use and accessible. Working with Funding Options, we are aiming to empower even more businesses to react quickly to the ups and downs in their business.”

Comments: (0)