29 Jul 2021
David Brown, Founder and CEO, Hi55 Ventures
As an entrepreneur from Scotland, it’s a matter of pride that our country’s economy is powered by SMEs. They spread wealth and opportunity, are faster at adapting and delivering fresh ideas, and support 1.3m jobs across Scotland.
What’s more, they’re resilient. According to KPMG, Scotland’s economic recovery over the next two years could outpace the UK average, despite family businesses being among the hardest hit. So, SMEs will ensure our recovery.
The next 24-months will be crucial. Insolvency will become a real risk; when costs rise and revenues don’t. The end of 2021 will be crunch time when the Government turns off the taps for SMEs. Then the fight to cover repayments and tax deferrals begins. There is a clear challenge: how do SMEs needing liquidity to grow do so without endangering their biggest assets – their people?
At Hi55, we have an answer: offer SMEs a new form of finance that enables businesses to defer payroll payments by 8-12 weeks, releasing capital back into the business without adding debt. But we also deliver for employer and employee alike.
Pay Asset Finance – a new form of finance for SMEs
The creation of Pay Asset Finance (PAF) grabbed media attention. It’s a world first – a new asset class focused on delivering for SMEs and employees. It enables SMEs to switch their payroll seamlessly and defer by 8-12 weeks to increase cashflow. We know the demands on SMEs, so we’ve made the switching process as easy as changing a utility provider – but also offer employees more frequent pay.
SMEs are driven by a passion for talent, so we designed Hi to benefit employers and employees. Research shows 94% of employees worry about money and 77% say it impacts their work. We put employees in charge of their earnings because more frequent pay improves wellbeing and financial resilience, not to mention satisfaction and job retention. But that leaves the question; if it’s taken a pandemic to change how we work, what will it take to change how we’re paid?
We believe the answer lies in SMEs.
Find out how your business can benefit: https://www.hi.group/.
