Whether your business is a start-up or well-established over many years, there can often be a number of hurdles to jump when it comes to attaining critical business finance. If your bank or other potential source of finance has refused your application, you should consider alternative finance.
Our expert team at UK Business Finance can advise on alternative funding options and analyse the best route forward if you are struggling to find the right lender.
It may come down to a choice between speed and cost; this is a common dilemma for many businesses. Banks tend to have the cheapest interest rates on the market which makes them appealing, but they traditionally have fewer options available, take a long-winded approach to assessing applications, and have a higher refusal rate. In contrast, alternative lenders can react far more quickly and find the right product for your business needs but sometimes at a higher rate of interest.
There are a surprising number of options if you know where to look – and thankfully, we do. Never underestimate the value of an intermediary when looking into alternatives, as there could be several solutions which you might not be aware of – some of which could, in fact, be better suited to your needs than the finance you were rejected for in the first place.
If you’re looking to secure the most effective loan for your business, you can arrange a free initial consultation through UK Business Finance. We partner with some of the UK’s leading financial brokers and have extensive market expertise.