How it

Works

Every West
Midlands

small business
can benefit

Six Easy Steps:

1. Open Account

Complete our simple free sign up process.

2. Credit Check

Provide company financial information.

3. Receive Limit

The initial amount you can borrow, interest free.

4. Connect

The network will link you to clients and suppliers.

5. Buy and Sell

Transacting will unlock more interest free credit.

6. Recommend

Bring on your contacts, the more the merrier.

Benefits of Credex

  • Lower Costs – The cost of issuing credit within a complementary is close to zero. The credit is therefore zero interest, with a small annual flat fee required to maintain the network. Borrowing through Credex is far cheaper that traditional credit facilities.
  • More Customers – The credit is created to facilitate trade. Businesses on the network use it to purchase goods and services. Members of the network are able to increase their client base through meeting the needs of other businesses.
  • Underused Capacity – Most small businesses have unused capacity and could benefit from offering goods and services through Credex. The network connects businesses that enables spare capacity to be utilised.
  • Resilient Supply – The business network connects diverse companies from across the region. Credex supports its members to connect with local suppliers, raising trust, reducing transport costs and increasing resilience of supply.

Explanation

Credex is an innovative SME lending platform that allows businesses to access zero interest finance for the purchase of goods and services from within its network. When businesses join Credex they are credit checked and provided an account with a balance of zero. The accounts use a complementary currency that is equal to Pound Sterling and can be used with other companies on the network. The accounts can go negative, like a overdraft, with the initial credit check determining how much a company can borrow. Negative balances are interest free and initially have a time limit of 12 months, although this will be extended if the company uses its account regularly. The zero interest credit provided can only be spent within the network. It is the role of Credex to ensure there is a diverse range of goods and services available. Credex acts as a broker, on the side of its members, to find new customers and suppliers.

What is a complementary currency?

Credex has been modelled on two large business credit networks; one in Switzerland and one in Italy. These systems offer businesses loans and credit through complementary currency: Benefits are:

  • Low Cost – credit can be issued at zero interest, with costs recovered through network charge
  • Fixed Value – complementary currency always stays at the same value at the national currency
  • Easy Repayment – companies repay debts through selling goods and services
  • Extra Liquidity – currency is issued to support more trading activities
  • No Conversion – no requirement to convert national currencies into the system
  • Local Business – currency is accepted by other local businesses and supports the local economy
  • Higher Profits – more trading activities means more profits for small businesses

 

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