Spotcap is one of the most innovative business finance providers for small and medium-sized firms within the UK that have a turnover of £250,000 and above. The lender began operating in 2014 and works across Europe and Australia with headquarters in Berlin.
Through the full range of funding options that Spotcap offer, the lender can assist diverse industries from retail, manufacturing, franchising, international trade, hospitality and hotels and dental practices, among others.
To access funds for your business, you simply need to provide personal information about your business and yourself, required documents and bank account details online and the application process is complete. The decision on whether the application is accepted takes one working day and the funds available almost immediately. Through Spotcap line of credit, a business accesses funding flexibly to finance various needs. After approval, a line of credit is opened, and you can draw down and take the amount you require any time you need the funds for three months.
At this time you have the flexibility of drawing down the funds and repaying up to the approved limit. For every amount drawn down, it has to be repaid in easy monthly instalments between one and 15 months. After the line of credit has expired (three months), you will only continue repaying the amount borrowed in easy monthly instalments and interest is only on the borrowed funds only.