Who should apply for a UKMG arranged facility?
UKMG arranged facility benefits a broad range of SMEs with turnover between Â£1m and Â£200m. Businesses need to be formally incorporated in the UK and have at least two or three yearâ€™s trading record.
What credit limit can I expect?
Typically credit limits range from Â£50,000 to Â£1m and are calculated dependant on the business needs and creditworthiness. Your credit facility can be used, repaid and reused as often as required.
Can I use UKMG with multiple suppliers?
Yes. The credit facility can be used with any number of suppliers, wherever they are in the world.
What is the sign-up process and how long does it take?
Applicants are required to complete a simple enrolment process and to provide financial information backing up the requested credit limit. You will be told within several days if we can provide you with a credit facility.Â UKMG will complete the application within a week of receiving all the required information.
Does paying via UKMG require a change to the trading terms with suppliers?
I am a Supplier and want to benefit from early payment via UKMG â€“ how do I achieve this?
Please contact us to register your Customer with UKMG. Once approved with a credit facility, they will be able to make payments to you on â€˜day oneâ€™. The cost of the finance can be borne by your customer or by yourself via an early payment discount equal to the Transaction Fee.
What type of payments can UKMG be used for?
You can your UKMG credit facility to make any payment to a trade supplier of goods or services worldwide. The invoice will need to be Â£5,000 or more.
When do I settle UKMG payments?
You choose the repayment term for each transaction, up to a maximum of 120 days.
Who pays, the customer or the supplier?
Customers pay theÂ Transaction Fee.
However Suppliers can provide an â€˜early payment discountâ€™ equal to theÂ Transaction Fee. To facilitate this UKMG provides aÂ Certificate of InterestÂ direct to the Supplier confirming the â€˜early payment discountâ€™ to be applied.
How much does it cost to use UKMG?
arrangement of the credit facility for your suppliers, there is also Â a â€˜Transaction Feeâ€™ payable to UKMG which is determined by the size of the payment and the repayment term. The UKMG transaction fee is calculated on a payment by payment basis. Typically transaction fees vary between 1.1% and 1.5% per month.
There are no Â non-utilisation fees or any other hidden costs.
Who funds UKMG arranged facility ?
UKMG funder can receive funds from various sources including UK banks, investment vehicles and high net worth individuals. UKMG is always looking to diversify its supply of funds for the benefit of its Customers.
What are the repayment terms?
Up to 120 days depending on the credit facility you are offered by UKMG.
Where is UKMG registered?
UKMG is part of innovation business ltd Limited is registered in Scotland.