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The digital and technology sector is integral to the UK economy and a vital source of jobs and wealth. The move to digital was foundational in keeping the country running during the global health crisis, and the sector continues to support economic growth post-pandemic.
The pandemic accelerated the work-from-home movement and enabled a revolution in the way we work. Digital businesses need continued access to tailored funding, however, to thrive as technology moves forward at pace, and to ensure an unmanageable skills gap does not emerge.
Commercial finance solutions that are beneficial for this sector might include asset funding and equipment finance. UK Business Finance are commercial finance brokers rather than lenders and can help you find the best finance deal for your business.
The UK has always been a key player in the advancement of technology but a range of issues are present in this sector that could threaten its growth and success.
The rapid pace at which technology is advancing, plus a post-pandemic shift in how we think about life and work, means the shortage of trained staff needs to be addressed quickly, but this requires investment.
Standing out in a crowded sector
Technology companies face difficulties differentiating themselves from their competitors due to a very crowded market.
Dealing with rapid growth can be challenging in terms of financing and articulating business objectives so that a workforce aims for the same goals.
Lack of investment
The high-risk, high-reward nature of digital and technology businesses can lead to difficulty in raising capital.
Maintaining secure working practices
Remote working brings its own security vulnerabilities for a tech workforce – maintaining a secure infrastructure is key to preventing cyber attacks and data theft.
A hire purchase agreement can be a good option for businesses that eventually want to own the asset outright. Following a deposit and a series of monthly instalments, a small fee secures ownership for the business.
If ownership of the asset is not required, a lease agreement may be a better option. At the end of the contract, there is typically a range of alternatives, including upgrading the asset to a newer model. This might be a good option for businesses in this sector given the speed at which technology and digital capability are advancing.
Equipment refinancing may suit businesses with existing equipment assets that are wholly owned. The asset is sold to a financier and then rented back without any loss of usage rights.
With a range of commercial finance products available, ensuring you apply for the most suitable solution for your business needs is key. UK Business Finance can help you source the best and most appropriate deal.
We are commercial finance brokers, rather than lenders, and use our extensive experience to help our clients secure vital funding. Our no-obligation services are free, with no requirement to sign any exclusive contracts with us.
Contact us today for fast access to the right type of commercial finance for you.
We work across a wide range of sectors throughout the UK, providing specialist advice to each sector.
Can I refinance existing business borrowing?
Most companies will have at least some outstanding borrowing, whether that is in the form of business loans, an overdraft, or a type of asset-based lending.
What are my options if my bank has refused my company finance?
When looking for funding to kick start or grow your company, many business owners’ first instinct is to turn to their bank in order to secure this borrowing.
Understanding Revolving Business Credit: Overdrafts and Invoice Finance
Revolving business credit is a flexible line of funding which is available to a company to dip in and out of as and when it is needed.
What is the difference between capital and asset finance?
Capital finance is a broad term which encompasses a number of different commercial funding solutions, including fixed term loans, invoice financing, and overdrafts.