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How long does it take to get finance for a business?

PUBLISHED ON: 20/11/2023

Business loans from high street banks have been notoriously slow to access. This has left businesses in dire need of quick funding without the capability to boost cash flow or implement growth plans.

If you need to get business finance in a hurry the good news is there are now a range of options for business finance that are quick to secure and can put your company on the best footing for success.

So what type of funding might be available? Invoice finance, merchant cash advances, and unsecured business loans are just a few flexible forms of alternative financing that can quickly put your business on the right path.

What is invoice finance and how quickly can you get it?

Invoice finance is a form of funding that uses the value locked inside your sales ledger. When you issue an invoice the financier typically releases around 90% of its value, usually within 24-48 hours.

Eligibility is based on the strength of your sales ledger and the reliability of customer payments. Invoice financiers also look at historical and current cash flows but can decide on whether to lend very quickly – potentially within a day or two.

Merchant cash advances – fast funding for businesses with substantial card sales

Merchant cash advances can be a good option to secure finance quickly, for not only businesses in the retail sector but also hospitality and other sectors that regularly use card payments.

In this case, the financier lends on the strength of your card sales and the money is repaid from future sales. Lending decisions can typically be made within 24 – 48 hours, so if your business operates with a high volume of debit or credit card sales, the fast funding you need may be available.

Stock finance – a short-term, quickly accessed form of funding

Short-term stock finance helps you fund your expenditure on inventory and is a short-term type of financing that typically needs to be repaid within 12 months. It can take the form of a secured or unsecured loan, but given the need for fast access to funding, the unsecured option is more appropriate.

Lenders will look at your company's credit score and trading history when making their decision, and if sanctioned, the funds could be available quickly. In fact, the lender may release the financing within 24 hours in some instances.

Unsecured business loans

If your business needs a relatively small loan, an unsecured loan for general purposes such as boosting business cash flow or for a growth project, can provide the speed of access that you’re looking for.

This is especially the case if your company’s credit score is good and you gather all the required documentation in advance to support your application.

How can you improve your chances of getting business finance quickly?

Using the services of experienced commercial finance brokers can significantly speed up your access to business funding. UK Business Finance has contacts with all the lenders in the UK.

As we take a whole-of-market approach to finding the right finance solution for our clients, you can be sure that you’ll receive the best quotes taking into account the timescale for receipt of the funds.

If you would like more information on the most appropriate type of fast funding for your business, please get in touch with one of the team – we operate from offices around the country.

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