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How quickly can I get finance for my business?

PUBLISHED ON: 26/10/2023

Which options are there to access finance quickly for my company?

You can get access to finance very quickly these days, particularly if you choose alternative forms of funding such as invoice finance or asset finance. The times when traditional bank loans were one of only a few finance options are gone, which has opened up more opportunity for businesses to grow.

Using commercial finance broker services also helps to quickly find the most appropriate form of funding for your needs. It speeds up the application process so you can benefit from fast access to regular cash injections or a cash lump sum.

What are some of the quickest forms of finance?

Financing that doesn’t rely on your credit score or your providing security can be fast to access. These are just a few options that may be suitable for your business if it’s looking for fast funding.

Invoice finance

You can release cash from your unpaid invoices using factoring or invoice discounting. A quick application process and inbuilt flexibility make invoice finance an attractive funding option if you run a strong sales ledger.

The financier releases a percentage of each eligible invoice – usually around 90 per cent within 24-48 hours – giving you a constant stream of working capital with which to fund operations or business growth.

Unsecured loans

Unsecured loans can be fast to access as they’re unhindered by collateral, and particularly beneficial if your business doesn’t own assets of value. A relatively simple application process involves lenders looking at your trading history and personal credit record if you’re a sole trader.

As a company director, the lender will assess your business’s creditworthiness before making their decision. You can use the funds for any business purpose, such as buying more stock, taking on new staff, or expanding your product range.

Merchant cash advances

If you take substantial numbers of debit and credit card transactions in your business, merchant cash advances could provide the fast funding you need. The level of finance available to you depends on a calculation of your predicted sales based on sale history.

A key benefit of this type of funding is that your business repays the lender at a fixed percentage of future card sales. This doesn’t jeopardise financial stability as if card sales are lower than anticipated in some months, you pay the same proportion regardless.

Tax and VAT loans

If you’re struggling to pay your corporation tax or VAT liabilities you can quickly obtain the funding you need by applying for a tax loan. These are typically short-term loans lasting from three months to 18 months.

Repayments are fixed so you know exactly how much you’ll be paying and as they’re usually unsecured, they offer fast access and help you avoid potential penalties and interest charges from HMRC.

Get in touch with our team at UK Business Finance to find out more about how quickly you can fund your business. You pay no fee for our services and we can help you with your application if necessary.

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