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Gone are the days when the high street banks were the only option for financing a small business. You now have a range of alternative finance products that offer greater flexibility and ease of access and you don’t have to be tied to a regular monthly repayment schedule.
Whether you need funding to stabilise your cash flow or you have growth in mind and are looking to purchase new equipment or vehicles, UK Business Finance will ensure you understand your small business financing options and apply for the most suitable product.
Here are some of the potential options:
All forms of invoice finance use the value of unpaid invoices to provide cash injections throughout each month. Depending on your requirements, you can obtain invoice finance by way of either an invoice factoring or an invoice discounting agreement:
The invoice financier releases a pre-agreed proportion of your invoices within 24-48 hours, which provides reliable working capital for your operational needs or as a foundation for growth.
Working capital finance may be a good choice if you’re undertaking a new development project and need additional funding. An example of working capital business finance is revolving credit.
Revolving credit works in a similar way to a bank overdraft as a credit limit is set by the financier. You can use the credit facility and repay it as many times as you like during the term of the borrowing.
Tax loans spread the cost of your tax bill, with terms of up to 18 months typically available. They’re commonly used for VAT and corporation tax liabilities that would otherwise cause cash flow problems and financial instability for a business.
Repayments are set for the term, giving you valuable ‘breathing space’ and avoiding unwanted scrutiny from HMRC. Tax loans are also flexible in that you can apply after you’ve paid your tax bill.
Asset finance enables you to purchase expensive hard assets but pay for them over time using a hire purchase agreement or leasing. It can be used to buy equipment or machinery, for example, or even to fund a fleet of vehicles, without using up your business capital.
UK Business Finance are commercial finance brokers and can find the best finance deals for your small business. We take a whole of market approach and charge no fees for our services. Please contact one of the team to find out more about how we can help.
We work across a wide range of sectors throughout the UK, providing specialist advice to each sector.
Can I get a business loan with bad credit?
Some lenders specialise in providing finance to businesses with a poor credit rating, which means you can get a business loan with bad credit.
How long does it take to get finance for a business?
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.
Can I lower the interest rate on my business loan?
With fluctuating interest rates and ever-increasing strain on business finances, you might be wondering if you can lower the interest rate on your business loan.
Understanding your small business finance options
Gone are the days when the high street banks were the only option for financing a small business.