|
The funding landscape is forever changing and keeping up to speed is harder than ever . The truth is , SME businesses and individuals are largely unaware of the different types of facilities that are available to them , how they work or how they could help .
I think it ’ s very much a ‘ British ’ thing that borrowing money for business is considered a failure , and the only reason you need to borrow money is that your business is struggling . Let me reassure you that in the most , this is not the case . Obviously , the current pandemic and its associated effects are creating real difficulties for some sectors , but this time round there is still real liquidity in the market . What do I mean by this ?
Outside of the main high street banks that have the biggest market share for funding businesses , there is a growing number of lenders who fund specific sectors : Asset Finance , Invoice finance , Card Machine Finance , Property Finance , Cashflow Finance , IP finance and more . Those ‘ in the
|
know ’ will understand that a lot of these companies have been accredited to supply the Coronavirus Business Interruption Loan Schemes ( CBILS ) or variations of on behalf of the Government , and that this has been applied to existing clients only . However , a lot of these lenders have now started to offer these to new businesses as well .
The key to successfully accessing finance is the level of detail now required within the application stage ( or prior in some cases ). The more detailed and accurate this information is , the better your chance of getting what you need . Getting a real understanding of where your business has been and where it is going will help you formulate the ‘ right ’ amount of finance and the ‘ right ’ way of structuring it .
Please don ’ t believe that you won ’ t qualify for finance until you have tried it . Yes , in some cases it will be a ‘ No ’ and the current climate has definitely made it more challenging , but we wouldn ’ t be in business if we didn ’ t like a bit of a challenge .
|
We have strong relationships with many of the alternative lenders in the market and have successfully completed many deals throughout 2020 , including commercial mortgages , property development / investment and cashflow support for SMEs .
We ’ re proud that our business has continued to grow through 2020 . Rich
|
Manning joined the team as a partner in July and we ’ re set to employ two new recruits in early 2021 . We ’ re looking forward to the new challenges that 2021 will bring , but hopefully they won ’ t be on a par with 2020 !
@ s _ w _ b _ f
|