SPRK Capital Announces New Product Launch and Follow-On Capital Raise

SPRK Capital

SPRK Capital, the leading provider of non-dilutive finance to SMEs in the innovation sector, is excited to announce the launch of the SPRK Innovation Term Loan and the closing of its latest capital raise.

Following the successful £3.5m capital raise in June 2023, SPRK has secured an additional £1.5m to further fund the expansion of its loan book growth, providing support to its senior lending facility, as it launches the new SPRK Innovation Term Loan product.

SPRK currently provides finance to SMEs through its SPRK R&D Advance and SPRK Grant Advance solutions. These funding options help businesses manage their cashflow requirements by advancing both R&D and Grant payments to when they’re needed most… now. SPRK has provided loans and facilities from £50,000 to £10m at the lowest cost available in the innovation lending market.

The new Innovation Term Loan expands SPRK’s market-leading lending propositions to provide a new innovative and flexible funding solution to SMEs engaged in innovation, enabling companies to pre-fund their R&D expenditure.

The SPRK Innovation Term Loan lends up to 150% of a company’s most recent R&D claim through a fixed rate, fixed term, amortising loan, enabling access to growth capital to power UK-led innovation. With founder friendly terms and no dilution, this new product seeks to fill the funding gap between traditional shorter-term R&D lending and dilutive, longer term Venture Debt.

Companies make one fixed monthly repayment through the life of the loan and make automatic overpayments, without fees, from their R&D tax credits, helping them plan and invest in growth.

Dominick Peasley, CEO SPRK said, “The Government is committed to making the UK a science superpower. Access to capital for companies engaged in UK-led innovation continues to constrict these growth targets.

The launch of the SPRK Innovation Term Loan looks to address the issues that growing companies have with access to affordable growth finance. For the first time, SMEs engaged in innovation have access to non-dilutive debt finance over a 36-month term, enabling them to plan their R&D effectively with certainty of finance.

We’ve seen an incredible amount of demand for this funding solution and we continue to receive the unwavering support of our investors, debt providers, and trusted advisors and accountancy firm partners as we introduce this groundbreaking offering to the market.”

About SPRK:

SPRK provides SMEs engaged in UK-led innovation the ability to release capital from their eligible R&D and Grant spend using its proprietary online platform, ensuring credit decisions are made swiftly with certainty of funding.

Providing loans and facilities of up to £10m+, SPRK’s unique proposition is designed to optimise cashflow for borrowers through a non-dilutionary source of capital with market leading founder-friendly terms.

SPRK offers the ability for companies to borrow against their eligible R&D spend at any point in their financial year, fund their future investment in innovation and advance fund their innovation grant expenditure.

SPRK’s investment in technology combined with institutional funding enables it to remain at the forefront of UK-led innovation finance.

Enquiries:

Sprk Capital
Dominick Peasley, CEO
T: 0800 0025 100
www.sprkcapital.co.uk

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