Online lender RateSetter has formed a partnership with accountancy advisor TaxAssist Accountants to help engage with small and medium-sized enterprises (SMEs). TaxAssist Accountant notably specializes in all businesses with a turnover of £2 million of less. It has more than 290 locations throughout the UK.
While discussing the partnership, Paul Marston, Head of Commercial Finance at RateSetter, reportedly stated:
“TaxAssist Accountants is in a unique position to provide small businesses with the sound advice they need to establish their financial requirements and to navigate their way around the crowded business finance sector. The relationship they have with their clients is based on understanding and trust and we are looking forward to a long and fruitful partnership based on those values which we have in common.”
Phil Sullivan, Group Finance Director at TaxAssist Accountants, added:
“By partnering with RateSetter Business Finance, we are delighted to be able to give our clients access to the necessary funds to help them grow their businesses. Small business owners will be able to concentrate on the day to day running of their companies without having to spend valuable time looking for a finance provider when they want to fund their growth.”
The news about the TaxAssist Accountants’ partnership comes just days after RateSetter stated has collected £1 billion in capital repayments from borrowers since its first loan back in 2010. As previously reported, RateSetter has originated approximately £1.75 billion in loans while paying out £63 million in interest. Rhydian Lewis, RateSetter CEO and co-founder, revealed:
“While it’s easy to focus on lending volumes, what matters in the long term is that platforms demonstrate that they’re lending to good borrowers who pay back, which is why we’re so proud of this milestone. To have collected £1bn back in is a good indicator of the quality of our lending.”