Bartercard Announces T£10m of Increased Credit for UK SMEs
Bartercard is making up to 10m trade pounds (T£) of increased credit available to eligible members in the UK alone (up to T£100,000 to individual businesses).
Despite the challenging trading conditions and lack of support, SMEs have found ingenious ways to do business. Many businesses have turned to barter to create new business, acquire stock and trade spare capacity and Bartercard, a trade exchange that mediates exchanges between member businesses, allows them to trade without the need to engage in a direct swap or part with valuable cash.
Many good small businesses with proven track records simply cannot get access to the credit they need, at a time when banks have been bailed out to the tune of billions of pounds but are still failing to lend. Wayne Sharpe, founder of Bartercard, hopes that this initiative will go some way to “alleviate the problems and provide the fiscal stimulus which small businesses so badly need.”
Bartercard works much like a credit card, but funded by clients’ own goods and services. It aims to generate 10% in additional sales for each and every new member business, providing them with an interest free line of credit, to help them keep afloat in troubled times and provide the fiscal stimulus needed for recovery and growth.