Breslins is the first to trade with Credex; a new form of Business Finance

Breslins is delighted to be the first business to complete a transaction through CREDEX, an exciting new alternative small business finance solution developed at the University of Birmingham. The launch event was held on 9th April at the Natwest Incubator offices with Stuart Bowles and the team from CREDEX summarising the key benefits of an alternative form of credit finance for growing businesses in the West Midlands.

The other party to the first CREDEX transaction was REPC Ltd, who are a social enterprise business specialising in IT recycling and end of life IT asset management. REPC Ltd also has close working relationships with Computers4Africa, who are doing fantastic work trying to equip the next generation with the technology and equipment to work in a global environment.

CREDEX is a business credit network that can be used alongside business loans, invoice financing and overdrafts and is now available to West Midlands business across the region. Inspired by successful schemes in Italy and Switzerland. These networks have grown in recent years and now facilitate the equivalent of hundreds of millions of Euros in transactions annually.

Businesses on the CREDEX network have a zero interest credit facility, that works like an overdraft. It can be used to buy products and services from other network members. Negative balances are repaid by selling to the network. It enables members to make business purchases, trade more and boost profits by selling and buying to other members.

Paul Breslin and Ian Gardner of Breslins had already been made aware of the benefits of CREDEX in recent months and were honoured to have made the first trade through the network with the purchase of a new computer monitor from REPC Ltd that has already been put to work in the Breslins office.

Paul commented that “this is a fantastic credit facility that is being launched for the SME market in the West Midlands that will help to remove one of the key barriers to growth which is access to finance and significant levels of business activity will be generated through this network in the future”