Growth Street offers UK businesses a revolving credit facility of up to £2 million. The aim is to help unlock cash tied up in unpaid invoices, stock or "work in progress". It has matched more than £500m of investors' funds with growing businesses.
Growth Street’s finance product “GrowthLine” offers UK businesses a line of credit as an alternative to traditional, expensive bank overdrafts – having spotted a need for businesses to get more flexibility when managing cash flow. You get a spending limit and can withdraw cash and make repayments when you wish during the month. But you will only pay for the money you use, so if your balance is at £0 for the month, you won’t pay anything for that period.
Managing your cash flow can be a drain on time and energy. You could be managing your company’s seasonal cycles or trying to work out the timings of invoice payments against your staff’s wages. GrowthLine may help as it allows you to have a source of cash available for the inevitable hiccups that come with being in business.
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Growth Street’s GrowthLine allows you to borrow up to 85% of the value of your invoices, 35% of the value of your stock or up to 35% of the value of any “work in progress”.
Growth Street will use your business’s assets (your invoices, stock or ongoing work) to calculate exactly how much credit it can offer you. It will then agree the rates at which it can lend against those assets. For your GrowthLine facility to remain affordable, your business profits need to be a minimum of 1.5 times the cost of the GrowthLine.
Loan duration. GrowthLine functions as a rolling overdraft and doesn’t really have a set duration. You pay as much as you want until the balance is cleared and then nothing again until you take out more money.
Access £25,000 to £2 million. Growth Street will use your business’s assets to work out how much credit to offer you. It will then agree the rates at which it will lend to you. Always check what you will need to pay back in total before you agree to a credit facility.
Fast decision. Growth Street will provide you with an instant decision on a credit line based on the details you submit in your application and your trading accounts.
Security. Growth Street will always look to secure against assets in your business. It does this by registering a fixed and floating debenture. In some circumstances, it will ask for a personal guarantee, which is a written promise from business directors, guaranteeing payment of the loan if the business fails to keep up with repayments.
Quick access to funds. Once Growth Street has underwritten a credit limit, within two hours of that decision, a client can draw down and repay as much or little as they like within that credit limit (assuming the business is still performing as well as or better than it was) when it was underwritten.
Access to your cash 24/7. Use your online dashboard to withdraw funds at any time.
Fee. Growth Street doesn’t charge a set-up fee, but you will pay interest plus a service fee.
Early repayment. Make additional payments or pay off your credit line in full at any time without penalty. You only pay for the cash you borrow, while you’re using it.
How does it work?
Fill out the simple application form on the Growth Street website with some basic details about you, any other key parties and your business.
For businesses with annual turnover below a specified amount, the application process has been streamlined. You’ll be asked to share your most recent set of company accounts and the last three months of bank statements.
For businesses with annual turnover over a specified amount, you’ll be asked to connect your banking data with the Growth Street online platform so it can consider your accounts in more detail.
Am I eligible for a Growth Street business loan?
You should only apply for a Growth Street credit line if you’re certain you can meet the repayment terms. You must also:
Be a UK-registered Ltd, LLP or PLC and able to provide the name and number registered at Companies House
Able to provide filed company accounts, a recent bank statement and 15 months of management accounts
Have a majority of directors and shareholders that are UK residents
Have been trading for at least 15 months with 1 year of filed annual accounts
Have a minimum turnover of £250k annually
Be profitable with a positive balance sheet
There are some industries Growth Street is not able to finance. You can check your industry at the Growth Street website.
How can I apply?
To apply for GrowthLine, call Growth Street on 0808 178 8751, Monday to Friday, 9am to 6pm. Alternatively you can sign up via the site.
Frequently asked questions
Growth Street lends to a range of industries. However, it does not currently provide facilities to businesses that are engaged in:
E-money/Bitcoin/digital currency issuers
Any financial services business regulated by either the FCA or PRA
Life science and experimental companies
Mining companies involved in exploration and extraction
Any lending or asset-based finance businesses
Political parties, pressure groups and think-tanks
Private security firms
Growth Street aims to cut out as much administration for you as possible to make the whole process quicker. By accessing both your current and historic accounting data, it can also gain a better understanding of your business. It can then have more informed discussions with you about your plans for growth. Depending on your company’s performance and risk profile, Growth Street is potentially able to increase your GrowthLine limit or adjust the rates it is charging you.
Growth Street has an online dashboard which gives you a 360-degree view of your GrowthLine account. You can draw down cash, make repayments and access information regarding your account activity, including:
Your total and available GrowthLine limits
The amount you’re currently borrowing
Information about interest charges and fees
A record of transactions on your account
Downloadable monthly statements
You can request to draw down funds from your available limit directly from your dashboard. Click “Request a Loan” and enter the amount you wish to borrow. Once confirmed, Growth Street aims to process your request within the same working day (if received before 3pm).
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
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