We all know that the high street banks are closing their doors on customers not only from consumer borrowing but for business borrowing too.
Unfortunately for businesses that is declined finance by the local bank manager the journey to improve and grow a business can be cut short. In fact 75% of business customers generally try their high street bank for finance in the first instance, followed by family and friends as another option.
The good news is that there is more ways to raise finance to improve your business. There are many alternative business funding options available to UK business owners, all within easy reach online and without the hassle of business plans and long winded paperwork. In fact in many cases the application is way easier than the tightened, red taped methods that your old bank manager would require!
I want to raise finance to improve my business
If you are looking to expand, take on new staff, invest in marketing, new equipment and more you can tap into the alternative funding market today.
Take for example a loan such as a merchant cash advance. It generally funds in 24 hours (sometimes the same day). It’s a great business loan product in that it repays from your future credit / debit card sales. You simply pay back a small percentage of each future sale that you take through your card terminal gateway.
Let’s say you have 30% of your sales are through your PDQ card terminal and the rest is cash sales. Your cash sales are not taken into account only your card sales. It’s unsecured so you don’t have to have an asset or property as a guarantee for the lender.
It works with your card cashflow.
Unlike a traditional bank loan where you would have to pay back an agreed monthly figure regardless of whether business has been poor this works differently. If you are down on sales then you pay back the agreed percentage of those low sales. If you have a good month then you would of paid off more of your loan more quickly. It’s that simple!