For many startup businesses, it’s a time of excitement, challenge and change, a new direction for an entrepreneur with a clear passion for their product and service. But many can face financial hurdles in their very early stages. High street banks are not as enthusiastic to fund new ventures and the ones that do consider it require an enormous amount of administration, business plans, cash flow forecasts and possibly stop the startup business in their tracks due to tight qualification requirements.
This is why the UK government have put pressure on the banks to re-direct customers that fail with the bank towards alternative commercial funding. There are many products available to prospective startups and small early-stage businesses. In fact, there has never been a better time to look towards the alternative lending space as there are more an more lenders with products that may suit your needs perfectly.
From crowdfunding products, invoice finance, startup loans, cash flow finance, unsecured business loans to merchant cash advance and more.
We often see applications coming through that are in the very early stages of start-up. Whether in a stage of pre-revenue (no sales history) franchise business and looking for the first form of funding or perhaps a startup business is within its first few months of trading we have created this guide to help give start-up businesses the various funding options available to them.