Finance Broker FAQ
Does a business need assets for security in order to qualify for funding?
No, we do not require assets as part of the funding arrangement. Boost Capital provide unsecured finance solutions.
What term lengths do Boost Capital offer?
Unsecured finance from Boost Capital can be anything from a four- to 18-month term. This means that we’re in and out at most after 18 months. After this time, the business can look to reinvest or take further funds, rather than having the burden of long-term finance over several years, which will also invariably have security attached to it.
What commission structure does Boost Capital offer?
Boost Capital offer a tiered commission structure that will reward you depending on your level of involvement in the application process.
When does Boost Capital pay the commissions?
We pay commissions on all deals funded or renewed on the second Wednesday of the following month. Commissions are paid in full and are non-debitable.
What is the funding application process?
We will provide you with your own dedicated Boost Capital funding advisor who will assist you through the application process. The process will depend on the agreed-upon level of working together.
What is the most you can fund?
We can provide funding from £3,000 to £500,000 depending on your client’s business and, in particular, their average monthly turnover. In line with our responsible lending policy, the loan amount will reflect the cash flow of the company.
What criteria do businesses need to meet to get funding?
We look at a variety of factors to determine whether we’re able to provide funding for a business but at minimum they need to have been in business 2 years or more, have ownership of the business and already have at least £6,000 average monthly sales turnover.
What types of businesses do Boost Capital fund?
Boost Capital can provide funding to the majority of business types. Funding is awarded based on the business’s individual merits.
How quickly can a business receive funding?
Businesses can be approved and receive funding in as little as 2 working days.
What are the repayment terms?
We’ve structured the repayment process to be as business-friendly as possible. Repayment is made automatically through small, more manageable daily Direct Debits. Before receiving funding, the business owner will know exactly how much is being deducted from their bank account. The fixed repayment amount is determined based on the business’s unique cash flow model, thus ensuring that the business is never left without capital to maintain daily operations.
Can a business repay early?
Yes, early repayment is possible. The loan can be paid in full at any time without any additional penalties being added.
What paperwork do businesses need to provide?
The documents we require depends on the business and how much funding is requested and approved, but at minimum we will require documents that show their trading history (e.g. 3 months bank statements), their identity (e.g. copy of their passport), premises situation and signed Boost Capital application forms.
Call 01245 240 889 or click here now to join the Boost Capital Broker Programme!