Hotels among top businesses applying for merchant cash advances

Eloise Hanson By Eloise Hanson
5 days ago | Updated 5 days ago

UK: 365 Business Finance has revealed that hotels are among the top ten business categories applying for funding prior to the festive season.

According to the direct lender, hoteliers feature fifth in the list of frequent clients. Furthermore, 365 Business Finance has seen a 36 per cent year-on-year growth in hotelier customers in the last 12 months.

Managing director, Andrew Raphaely, said: "Hotels require funds to prepare for the Christmas bookings boost, and the flexible approach with a cash advance alleviates the impact of a decline in bookings in January".

"November is a particularly busy month for us and we've seen a significant increase in funding enquiries, as hotels prepare for the increased costs associated with Christmas, from buying in extra stock, hiring seasonal staff, completing refurbishments and keeping on top of cash flow".

A merchants cash advance from 365 Business Finance will match businesses' cash flow, whereby repayments are taken as a small percentage of debit and credit card sales. This means the funding is paid back only when the customers pay.

Established in 2014, 365 Business Finance funds UK businessess with merchant cash advances from £5,000 to £200,000. This type of funding is a fast and flexible alternative to a bank loan.

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