It may be Autumn, but here at Penny we are very much focused on new beginnings!
We are delighted to be teaming up with Transmit Startups to bring accessible funding to more businesses at the start of their journey.
Transmit Startups is a great platform that provides finance, support and mentoring to entrepreneurs across the country. They are one of only a handful of national delivery partners of the Start Up Loans Company, a government-backed scheme to encourage new businesses.
The company provides and brokers affordable finance to those starting out, combined with free support and mentoring for up to 12 months, enabling business owners to get the maximum impact from their cash injection.
A natural synergy
With offices in Gateshead and Glasgow, Transmit Startups may be at the other end of the country from Penny’s Portsmouth base, but our goals and values absolutely align.
The founders of both companies have run multiple businesses, and so very much know what it’s like to be starting out in business, with all the challenges that brings.
Richard Myers, Commercial Director at Transmit Startups, said: “We’ve supported thousands of businesses with Start Up Loans, and over the years we’ve learned a lot from them about the challenges they face as they get established. So it’s always exciting for us to find a business who shares our values and ethos, and who can help solve a problem that we hear about over and over again, and the great team at Penny absolutely do that.”
Collaborating to open doors for SMEs
At Penny we know that long payment terms and late payments can have a devastating impact on businesses, especially in their early years of trading. We don’t believe that any business should be held back because of money that is owed to them, but tied up in invoices.
Penny and Transmit Startups have a shared mission to empower new businesses by giving them the finance, tools and support to get them to where they want to be.
When it comes to funding, options for startups may be limited and restrictive. Penny offers a cash flow stream that is within the reach of all SMEs. We’re not interested in trading history, turnover, or financial forecasts, and we don’t ask for personal guarantees.
Free invoicing software, real-time decisions, fast payments
All Transmit Startups clients will have access to free invoicing software via Penny’s unique online platform. This provides the instant ability to generate, send and manage invoices and create the reports needed for accounts and tax - all at zero cost or subscription.
Another free tool is our quick pre-approval checker, which allows business owners to check the financial security of their debtors, and see how much funding they can access against their invoices. They can then opt to accelerate invoice payments on-demand, for a simple upfront fee.
Supporting the new wave of startups
Adam Parker, Head of Partnerships at Penny, is delighted to get the partnership off the ground. He said:
“We’re excited to be working with Transmit Startups - one of the UK’s largest facilitators of startup funding. Both companies have really similar philosophies, both coming from a place of championing new SMEs and removing barriers to growth.
Together we look forward to positively influencing and supporting the new wave of UK start ups coming through, and hopefully watching them soar.”