New Close Finance FLEXI-DRAFT offers a helping hand to businesses in need of cash

James Qualtrough | June 15, 2012 | 0 Comments

Local businesses of all sizes now have the opportunity to get their hands on a much-needed boost to their cash flow thanks to a new flexible, funding facility launched today by Close Finance.

Economic conditions in the Channel Islands currently look bleak, with unemployment levels at a record high, a depressed construction and property market and retail sales reporting month on month declines. Operating in these trying circumstances local businesses are finding it more and more difficult to maintain and grow market share. In the last quarter of 2011 and the first quarter of 2012 the States of Jersey Business Activity Indicator showed that 25% of businesses reported a decline in activity with 50% reporting no change. Whilst the overall “all sector” Business Activity Indicator was at its most negative level since the survey was introduced in September 2009.

In response to these conditions, Close Finance has developed ‘FLEXI-DRAFT’, a clever but simple alternative to a business overdraft. It offers businesses a convenient way to access the cash they need to run, develop or expand in today’s difficult financial climate.

Funding is available from £5K to £250K, with fixed rates of interest. Businesses can choose how much they want to borrow, whether they want to opt for a single lump sum or multiple draw downs and select repayment terms of up to six years, allowing them to budget effectively.

Close Finance pride themselves on the fact that as ethical lenders they observe economic trends and are acutely aware how they can impact their customers.

Adam Dawson, managing director of Close Finance, said: “In these challenging times, businesses need flexible solutions that can be tailored to meet individual requirements and our new FLEXI-DRAFT offers just that.”

Mr Dawson explained that anyone who applied for a FLEXI-DRAFT would be appointed a dedicated relationship manager who would handle the loan application throughout. Once the business had supplied all the necessary information, the application would be proposed to their team of Underwriters in Jersey and Close Finance promised to respond within 48 hours.

“The whole ethos behind the FLEXI-DRAFT is that it should be as convenient and flexible as possible. As we are based in Jersey, we can respond to local needs and deliver a service that is relevant to local business,” he added.

Anyone interested in a FLEXI-DRAFT should contact the Business Development team at Close on (01534) 758888 or email support@closefinanceci.com