FundThrough Commits $10 Million to Help SMBs Overcome Shutdown

FundThrough Blog | Jun 26, 2020

small businesses are the backbone - FundThrough Commits $10 Million to Help SMBs Overcome ShutdownTORONTO – FundThrough, North America’s leading invoice funding solution for small businesses, has announced it will provide $10 million in free funding for clients as the economy reopens from COVID-19. The company announced it as part of a broader initiative to help small businesses, who invoice their customers and wait to for invoice payments, get back on their feet in the wake of the COVID-19 economic shutdown and has expedited this capital commitment for SMBs looking for a practical source of funding.

The Toronto-based Fintech company will provide working capital to small businesses in exchange for outstanding customer invoices, based on the creditworthiness of the payor. Clients that sell goods and services to larger customers and need working capital quickly are encouraged to apply.

“We are proud to announce this initiative to help kick start the North American economy and ensure that companies get paid immediately for the work they have completed and the products they have delivered,” said FundThrough Co-Founder and CEO Steven Uster. “Large companies often stretch out their payment terms for their suppliers. We are levelling the playing field so that suppliers no longer have to act as a bank for their customers.”

FundThrough will provide the funding through its next-generation invoice factoring platform, Velocity. Once onboard, clients can upload their outstanding customer invoices, update their account and payor information, and quickly receive their funding request. The quick influx of cash could provide companies with the working capital they need during a period of uncertainty. Factoring also provides a unique alternative to traditional funding methods.

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“One of the biggest challenges for small businesses will be to get paid for the first projects that they complete as the economy reopens,” said Deepak Ramachandran, FundThrough co-founder and Chief Technology Officer. “We’ve already seen large companies extend their payment terms from 30 or 60 days to 90-120 days. So, if a supplier completes an order and has to wait four months to get paid, it may feel a lot like they are shut down once again. FundThrough can get them their money within 48 hours of invoicing, so they can keep working on the next order.”

Small businesses seeking funding for their outstanding invoices can visit FundThrough.com for more information.

About FundThrough

FundThrough is a leading player in the fintech small business working capital space. Its tech-enabled invoice funding platform has re-imagined invoicing so that businesses who sell to larger customers can get paid instantly. FundThrough enables business owners to eliminate “the wait” associated with payment terms. For more information, go to www.fundthrough.com.

 

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NCFA Jan 2018 resize - FundThrough Commits $10 Million to Help SMBs Overcome Shutdown The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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