Sprk announces £50m financing facility to support UK SMEs
Sprk, the innovative online provider of R&D tax credit funding, is pleased to announce that it has today closed a new financing facility.
The financing facility provides up to £50m of lending capacity, dedicated to advancing R&D tax credits. The facility helps SMEs who are looking to accelerate their R&D programmes with a non-dilutive source of funding.
Backed by leading a UK credit asset manager, managing over £3bn in AuM, this gives Sprk the ability to ensure that borrowers have the certainty of finance when they are approved.
Dom Peasley, CEO Sprk said: “Following on from our oversubscribed Series A we are extremely encouraged by the backing of one of the UK’s leading credit managers. The facility provides the lending capital to help SMEs who are looking to accelerate their R&D programmes with a non-dilutive source of funding. We believe this is the largest dedicated R&D tax credit financing facility in the UK.
“Sprk is now able to offer R&D tax credit financing from the point that eligible expenditure is incurred, as early as Q1 in the financial year, this is a first for the UK market and will revolutionise the R&D tax credit advance market. We view a Sprk Advance as an integral part of a SMEs cashflow planning when they are engaged in R&D.
“Sprk believes in having a simple, straightforward and transparent lending proposition with no upfront fees paid by the borrower and no monthly interest payments. A Sprk Advance can improve the cashflow position for thousands of SMEs, supporting British businesses and accelerating innovation. Our investments in technology enables speed of underwriting, this is now combined with the certainty of finance to ensure those Sprk approved clients are funded within 48 hours.”