With the ever changing political landscape, high street banks closing and making the process of applying for finance even harder, receiving funding for small businesses is without doubt difficult in today’s climate. That is if you are indeed looking down the conventional route.
But what about the unconventional route to raising business finance? Well there are many, many options available to small businesses in the UK via alternative business finance in the market today. The truth is that business owners don’t readily know of these options available to them. Why? Well, because it’s only now after the last five years that the growth of these products and their steady increase of market share has really caught the eye of institutions.
The right funding for small businesses in the UK
The British Business Bank which has been set up by the government is actually a referral scheme into the alternative finance market. The pressure from the government on the banks to refer customers who fail their tight lending criteria should be automatically presented with alternative routes to raise finance. This legislation has been put in place and we are awaiting the results of such referred business later this year.
For now however there are so many options for funding for small businesses out there – the problem is there still isn’t the awareness of such products. From Crowdfunding to Merchant Loan Advance’s businesses are almost spoilt for choice once they start to shop around the market. Securing an unsecured business loan with a high street bank is virtually unheard of in the current climate.
Add to the mix brexit and news of more banks closing the door on businesses and consumers and we are in uncharted waters. The good news for small businesses in the UK is that there is still choice, in fact more choice than ever before. The economic downturn and now brexit have spawned many private investment firms and wealthy individuals to back British businesses via funding platforms across the internet.
Talk to us today to find out how our funding for small businesses product can help you find a financial solution to grow your business.