Q&As from Accountex 2017
6,500 accountants, hundreds of exhibitors and a Tesla. Accountex 2017 was as always the event of the year for UK accountants.
Here are some of the questions we got asked at our booth and in the session Kevin Vendel hosted at the Future & Growth Theatre.
Why is it beneficial for an accountant to work with an alternative lender?
A lot of accountants rely on traditional ways to find finance for their clients, or outsource the service to brokers. However, at Accountex we noticed many are interested in learning how they can take advantage of fintech to manage capital sourcing in-house. Today fintech-powered alternative lenders provide easy-to use platforms that allow practices to offer the service themselves, creating a new revenue stream and a stronger client-accountant relationship.
How do I become a partner?
Spotcap is currently partnered with over 400 accounting firms in five markets – small, medium and large.
To become a partner visit our online portal: https://www.spotcap.co.uk/partners/ and register to be accredited. Once registered you will be able to upload a business loan application in as little as fifteen minutes.
The online approach means that there is no unnecessary paperwork and that you can monitor your client’s business loan applications on our user-friendly dashboard.
How does your pricing work?
The arrangement fee for Spotcap business loans in the UK is 2%-2.5% and we provide a discount on this as well as on the interest rate fee when an accountant applies on behalf of a client.
Our offering is a good option for short-term lending and co-financing (when a bank or asset based lender can’t fund the full application). The loans are flexible, which means a business can repay the full amount as early as one month after the draw down without being charged any fee or remaining interest. Also, the application process is completely free of charge.
What resources can I use to educate myself on the alternative funding market?
The British Business Bank provides a good overview and tools for navigating the funding options available today.
Start your journey: https://thebusinessfinanceguide.co.uk/journey/
See your options: https://thebusinessfinanceguide.co.uk/finance-options/
Last but not least, you can always contact us for a chat.