Hitachi Capital Business Finance has launched a Smart Funding payment plan intended to assist SMEs in securing growth funding without disrupting cash flow.

The flexible repayment plan will allow small businesses to create their own repayment schedule for finance that reflects their cash flow forecast and the seasonality of their business.

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The flexible payment plan is the first of a series of funding initiatives Hitachi Capital Business Finance will launch in the coming year. The plan is available to sole traders and small businesses that have been trading for three or more years.

Key features will include access to business funding for up to £500,000 and a typical APR of 6.8%. Small businesses can create their own repayment schedule, the repayment term will be between 2-5 years, and the finance decision can be made online.

There will also be customer service support available to small businesses and a new range of Smart Funding business guides, all intended to help small businesses with their planning and budgeting. The online calculator will also help finance applicants to work out the repayment schedule that best meets their needs and takes account of seasonal cashflow forecasts.

With Brexit weeks away, Hitachi Capital’s latest Business Barometer research found that UK small businesses were working hard to secure growth despite the challenging context of unprecedented market uncertainty. Whilst the proportion of SME’s predicting growth during the autumn months was unchanged on previous months at 35%, a greater number of enterprises were considering new initiatives to achieve growth.

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Gavin Wraith-Carter, managing director at Hitachi Capital Business Finance, said: “We have been supporting small businesses for 35 years and we understand the rollercoaster of business life which, for many, has been exacerbated by the levels of economic uncertainty that have become the norm – and is something we all have to adjust to.

“That’s why at Hitachi Capital Business Finance we have adopted a new smart funding philosophy to our products and services. We recognise that no two business are the same and, in the current market climate, small business agility will be key to them seizing future growth, turning uncertainty into opportunity.”

Last month research from Hitachi Capital UK has found that late payments are costing SMEs an estimated £51.5bn (€56.7bn).

A survey of 1,000 SME owners found that almost a third of SMEs (31%) have experienced late payments costing their business at least £10,000 in the last 12 months.