Connect with us

Fintech News

Contact Growth Street for a Flexible, Fairly Priced Business Overdrafts




Founded by Thomas Hoegh, Joshua Green, George Mills, Oliver Shapleski, and Greg Carter, Growth Street provides businesses a faster alternative to bank overdrafts. It is a new way to grow and finance businesses. The company’s platform offers flexible, fairly priced business overdrafts to growing, profitable and well managed small businesses.

Growth Street understands that businesses require flexibility to manage their cash flow. Managing cash flow can take a lot of energy, focus and time. Often, balancing invoice payments means delaying payments, juggling cost or leaning on the suppliers, which can put pressure on your supplier relationship, suck up your time and generally make your business less efficient.

According to Greg Carter, they started Growth Street because they realized that many great companies were struggling to get the working capital finance for two major reasons. First, banks are increasingly unwilling to give business overdrafts, preferring to provide more expensive products. Second, many businesses were finding it hard to present their business financial information in a manner that maximized the chance of fruitful application for credit.

To solve those problems, Growth Street started to offer GrowthLine, a flexible revolving credit facility that works like a bank overdraft. This enables companies to get capital when they need it, pay interest on what they borrow, and repay when they want. In order to provide the best possible price, the company established a marketplace that matches lenders with borrowers. Crucially, the use of accounting software, and protected data sharing via the cloud, allow the company to provide credit on better terms to borrower, and manage the risk for lenders, while also simplifying the required administration.

The sign-up process in the GrowthLine is as simple as signing up and filling in a short form.  The company uses the information the customers provide and their requested amount to determine the best way to achieve their goal. The process is flexible, and the more information the customers provide, the more easily the company serve them what they need.

Growth Street is passionate about helping businesses maximize their potential, making credit application as easy and quick as possible, and a creating a fair market for both lenders and borrowers. The company’s mission is to make business finance cheaper, easier and fairer in order to help many businesses grow.

In April 2016, Growth Street launched a new alternative to SME finance. The company partnered with Blend Financial Ltd, a professional services company that provide a comprehensive range of financial advisory and management consulting services to businesses. The partnership is essential for solving the business overdraft crisis plaguing companies in Northern Ireland. Northern Irish SMEs have been adversely affected   by the enormous short-term working capital gap, made by the big reduction in the number of overdrafts accessible to small businesses.

Those overdrafts are financed by a select community of investors. These investors must either: a Sophisticated Investor, a High Net Worth individual or a company. Investors of Growth Street are Arts Alliance Ventures and David Giampaolo. The current team in the company consists of Greg Carter, Founder; Greg Hinch, Head of Product; and James Sherwin-Smith, CEO.



Continue Reading
Advertisement Submit

TechAnnouncer On Facebook

Pin It on Pinterest

Share This