Soccer chief's finance firm launches ultra-fast loans for SMEs
A business lender backed by Tottenham Hotspur FC owner Joe Lewis has launched an ultra-fast loan which it claims is the quickest way to access finance in the world.
Ultimate Finance, 100% owned by Mr Lewis's Tavistock Group, said the loan can hit customer bank accounts in as little as 11 minutes and 16 seconds.
The group said the move is in response to calls from SMEs for fast, flexible loans to cover short-term funding needs to take advantage of unexpected business opportunities.
Dubbed "Cash Advance", the instrument was launched last week as part of Ultimate Finance's new digital platform, which dishes out loans of up to £50,000.
Ultimate Finance chief executive Ron Robson said: "These loans are designed to be the fastest out there and we're pretty excited about it.
"Business confidence is increasing and we want to help SMEs exploit new opportunities with quick decisions and cash hitting bank accounts quickly where it can do good.
"For many businesses, a slow loan is as useless as no loan."
Businesses pay back the loan in a single instalment within a 30, 60 or 90-day period at interest rates starting from 1.5%.
Billionaire Mr Lewis, who is based in the Bahamas, owns 100% of Tottenham through ENIC, which is wholly owned by the Tavistock Group.