The new finance product is completely unsecured with the SME funding partner instead considering the ongoing trading performance of a business.
Purchase finance is a flexible line of credit which covers any type of stock purchases, including raw materials, work-in-progress and perishables.
Anthony Persse, strategy director at Ultimate Finance, said: “It has never made sense to me that small businesses dealing in perishables and raw materials, such as food, haven’t been able to access funding to grow.
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“We all need food, it’s fundamental to life, and yet those producing grocery items are being stifled by old-fashioned finance set-ups offered by traditional lenders and so-called ‘alternative finance’ providers.
“In an age of big data and next-generation risk software, there is no longer a reason why financiers can’t offer good funding solutions to any thriving business.
“We have already seen the positive impact that purchase finance can have on an operation during our product pilot, and know that there is huge potential for businesses of all shapes and sizes to benefit from fast, flexible and fair access to funding.”
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