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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
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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.
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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
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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!
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