Fuel your business growth - Funding FAQs
01/Mar/2016 • International Trade•
You can get an unsecured credit line to finance international and domestic purchases from your suppliers, alleviating challenging cash-flow issues.
We’ve compiled a list of frequently asked questions to get you started.
Does my business qualify for funding?
Right now we accept buyers from the UK and Ireland with above £1 million in annual revenues and £100,000 of net assets and/or shareholder funds. As a general guideline, we look for a minimum two years’ healthy trading record, and up-to-date statutory and management accounts. Our finance is for any industry sector.
How do I apply?
Fill out an application form or contact us directly. We’ll then discuss your needs in an initial call and negotiate on your behalf with a range of credit insurers and funders.
Does Ebury run a credit check before offering funding?
After the application has been submitted and we’ve completed the initial call, we’ll run our internal checks. This has no impact on your personal or company credit rating.
Do I have to provide security or a guarantee on the funds?
We offer unsecured lending via a Bill of Exchange. We don’t take title over the goods or a charge over the business. In rare cases we request a personal guarantee or cross company guarantee.
What documentation do I need to provide?
We require financial information to properly assess your business. This usually includes, for example, two years of full accounts, monthly management accounts for the past 12 months and a list of aged debtors and creditors.
What credit limit and transaction size are typical?
Our credit limit is £1 million and this can be used to fund an invoice of any value up to the maximum available balance. Some customers combine multiple smaller invoices/purchases into single larger transactions. The credit period depends on your individual circumstances and can be up to 150 days.
Can I maintain my existing trading terms with my counterparties?
Generally speaking, yes. Each counterparty must sign an Ebury agreement to enrol, but following that, buyers and suppliers are free to share documentation as normal.
Will he solution conflict with my existing banking relationships?
No, our credit facility will not conflict with your existing banking and finance relationships.
Can I use Ebury’s solution to pay all my suppliers?
Yes, provided they are not related business entities (ie shared ownership), and they meet our supplier enrolment criteria. You can pay as many suppliers as you like this way once they sign our supplier payment guarantee framework agreement. Our facility can be used to make payments to any country worldwide – this includes to domestic suppliers.
How long does it take to set up the facility?
Once you have submitted all the required information the process usually takes two to three working days.
How long will it take for the fund to be paid?
Once you have your account funds take just one to two days to reach your suppliers.
Can I repay in stages?
Not on one single invoice, but if we make payments to multiple suppliers you can repay them individually.
Still got questions? We’re here to help.