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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.
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.
We work across a wide range of sectors throughout the UK, providing specialist advice to each sector.
Why use a commercial finance broker?
A commercial finance broker plays an important role for businesses looking for funding. They can source the most suitable types of finance using a whole-of-market search strategy whilst also accessing the best deals and lenders.
What are cash flow forecasts and why are these important when obtaining business funding?
Operating with positive cash flow helps your business to pay its bills, conduct day-to-day trade with minimal issues, and plan confidently for the months and years ahead. But how do you know that there will be sufficient cash available when it’s needed?
Good debt vs Bad debt
Managed well, debt can improve your credit rating, enable expansion, and stabilise cash flow. It’s the backbone of growth but with so many different types of borrowing now available, it’s important for your business to carry ‘good debt’ rather than ‘bad debt.’
How to best prepare my company for a finance application
When preparing your company for a finance application, it’s key to present the business in its best light whilst also providing realistic projections, your plans for the funding, and how it will help the business grow.