Has your business been denied access to a loan or overdraft facility with one of the big banks? Were you referred to an “alternative provider” who simply doesn’t understand your business? If you have a credible start-up then Diaspora believes that you deserve quick access to funds in a way that is tailored to your business.
The government’s scheme requiring major banks to refer their rejected business loan applicants to alternative providers has become a complete nightmare for small business owners. Entrepreneurs are being sent from pillar to post in an attempt to find a liquidity solution, at times when finances are under strain and time is of the essence.
In order to solve this issue, we look to the root cause of the problem: That small businesses are just an afterthought for traditional banks. These institutions use archaic assessment criteria for funding applications and cannot be bothered to evolve. Banks are reluctant to engage SME’s because they don’t generate as much revenue as their bigger clients. The few business owners who do get accepted are required to provide a guarantee, making them personally liable for default. Missed a payment on your £10k business loan? That’s your house that could be up for grabs. The current SME finance system is flawed, unfair and exploits the weaker bargaining position of small business owners.
We are a financial matchmaker that helps you to scale without accumulating debt.
Diaspora recognises that just because you have been denied a loan, it does not mean your business should be ignored. We are a financial matchmaker that helps you to scale without accumulating debt. Our Open Banking and AI technology enables us to process applications and cash advances quickly as well as create a more accurate picture of your business’s credit position. Our platform does not provide loans, rather investors buy your receivable assets, such as an outstanding invoice, and provide an immediate cash advance in return. The platform then takes over the collections process with your customer so that you can focus on growing your business instead of being tied up by long payment terms. In short, Diaspora is your partner for growth.
Join the thousands of small business owners using invoice finance to turn their invoices into cash. Register now for early access to our trade finance platform.