SLIMTrader has partnered with One Finance & Investment Limited to make the company’s product, Flex Advance, available to hotels.

Through Flex Advance, One Finance will offer hotels up to  N20 million in funding to enable them grow their businesses, purchase inventory or equipment, and meet their urgent business  cash  needs.

According to Chijioke Dozie, CEO of One Finance, funding is available for hotels subscribed to SlimTrader’s hotel management and sales platform called ‘MoBiashara for Hotels (MFH)’. He said: “Through this product, we provide working capital to help grow businesses. We offer cash advances of up to N20 million, based on a merchant’s monthly average sales via SlimTrader’s MFH platform and collect repayments as a percentage of future card transactions.

The facility is easy for hotels to secure, with no collateral or guarantor required and no application or hidden fees. The cash is disbursed  within 24 to 48 hours  of approval  and repayment, which is completely  flexible, is collected as a percentage of the hotel’s daily transactions.”

Once the repayment commences, an agreed-upon percentage will be deducted from the proceeds of every sale done via SlimTrader’s MFH platform, before remitting funds to the hotel. This deduction will be done for all sales proceeds until the advance is completely paid off.

Also speaking on the partnership, General Manager, Commercial, SlimTrader, Mr. Magaji Buba said: “SlimTrader is an all-round technology and business enabler for sub-Sahara African businesses. Our MFH hotel platform guarantees hotels increased local and international visibility to drive more room bookings.

The platform also enables hotels to manage operations in a simpler and more efficient way. We are delighted to be able to partner with One Finance in making their innovative loan facility available to our partner hotels.”