Business finance provider MarketInvoice is set to transform the Lancashire lending landscape with the opening of a North West office to give small businesses quicker and easier access to working capital.
The peer-to-peer funder enables businesses to selectively sell their invoices to a network of global investors, releasing money up front that would otherwise be tied up for up to 120 days. Since its London launch in 2011, invoices worth nearly £250m have been traded and the company has secured the support of the Department for Business Innovation and Skills (BIS).
Now it is opening a Manchester base.
The company is already helping Lancashire entrepreneurs, including the founders of Preston-based MyPlanet Life, which develops social media platforms enabling businesses to engage with each other and exchange ideas.
Anil Stocker, Chief Executive and co-founder of MarketInvoice, said: “We enable companies to secure the investment that can lead to hiring new staff, taking on new projects, and buying new equipment.Unlike banks, we don’t need businesses to sign lengthy contracts.”