Seneca Trade Partners
Seneca Trade Partners
What is your product?
Our Revolving Stock Finance Facility offers funding to UK companies enabling them to buy and sell more of their products.
We can buy or fund goods from suppliers in the UK and abroad on behalf of our clients, paying in currency when required. We are able to purchase goods whether they are pre-sold or not and whether they are completed or not.
Facilities can be set up in 7-10 working days.
How does it work?
- Complete our application process – We ask for some basic information on your business so we can get a feel to how best support your purchases.
- Receive your offer and funding – Once we have the information we need and some basic documentation, we get your facility up and running. Once approved we make a payment for your goods as requested.
- Your facility revolves! Advanced cash can be used, repaid and then used again.
How would a business use your stock finance facility?
Many of our clients need to buy stock in order to sell it, either because lead times from suppliers can be lengthy (from the Far East for example), or because goods are sold ‘off the shelf’.
Where clients cannot get any or enough trade credit from suppliers they have a constant problem not being able to buy stock when they need it. Our facilities give them the ability to maximise their business potential. With increased buying power and the ability to fulfil bigger orders, we have seen our clients vastly increase order quantities, improving buying prices and hit higher margins.
What are the approximate costs?
Typical charges are 3% of the advance for the first 30 days following payment, and daily pro rata on the outstanding balance thereafter.
We also typically charge an Arrangement Fee of 2% of the Facility Limit.
What type of security or other requirements do you have?
All of our clients must be UK limited companies, registered in England and Wales or Scotland.
In order to get your facility up and running we will need:
- Basic details around your business’ trading history
- Your last 6 months business bank accounts
- Your last filed company accounts
We require security in the form of a Debenture over the company and Personal Guarantees from the Directors.
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