WAGES CASHFLOW

· Depending upon available credit limit for company, able to fund two months salaries/wages for monthly paid employees and nine weeks wages for weekly paid employees.

· No directors’ guarantees or security is requires for facility, unlike banks and factoring companies which will always take security over personal and/or company assets.

· Initial one off set-up fee, no further facility fees, even for subsequent years.

· No need to use facility fee every week/month; no need to use whole of facility on any occasion – submit three days before each payment, details of staff/employees to be paid.

· Initial period is for three months/thirteen weeks, after which it can be turned on and off as needed, without the payment of any further facility fee.

· It usually takes one week to set up the facility – an overdraft or loan can take several weeks, depending upon size, it will probably have to approved by one or more credit committees, in the case of a loan under the government’s small firms loan guarantee scheme this can take up to three months.

· Once set-up, you decide when your employees are paid and upload the details to it at least three days before you require payment to be made to your employees.

· No business plan is required; normally company must have filed at least one set of accounts (within time) at companies house and it must be solvent. (If it is sometime since the last filing of accounts, a set of up to date management accounts may be requested.) Although this is at our discretion and a business showing a sound set of monthly figures will be considered.

· The facility will remain in place provided that the company remains solvent and files its accounts within time.

· Any sized limited company, PLC or limited liability partnership can be funded, up to the available credit limit.

· As the company grows and its salaries/wages bill exceeds the credit limit,we will apply to its insurers for an increased credit limit.

· The cost structure is simple: an initial facility fee (which must be paid prior to any funds being paid to your employees and is never charged again) and interest at 3% percent above the base rate of Barclays Bank plc on outstanding funds calculated on a daily basis and a monthly administration charge which is calculated at 1% of the average outstanding balance over the month (no outstanding balance no fee). There no other costs or charges. (Banks charge arrangement fees, annual renewal fees, account charges. Factoring companies will levy minimal monthly or annual fees and will normally charge separately for every aspect of the service.)

· Service in the construction industry may also be used to pay sub-contractors who are covered by the CIS scheme and have an amount of tax withheld (currently 18%)

If you wish to know more please contact us on 01257 474 626