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Digital & Technology

PUBLISHED ON: 19/04/2023

Commercial finance for digital and technology businesses

The digital and technology sector is integral to the UK economy and a vital source of jobs and wealth. The move to digital was foundational in keeping the country running during the global health crisis, and the sector continues to support economic growth post-pandemic.

The pandemic accelerated the work-from-home movement and enabled a revolution in the way we work. Digital businesses need continued access to tailored funding, however, to thrive as technology moves forward at pace, and to ensure an unmanageable skills gap does not emerge.

Commercial finance solutions that are beneficial for this sector might include asset funding and equipment finance. UK Business Finance are commercial finance brokers rather than lenders and can help you find the best finance deal for your business.

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What challenges do digital and technology businesses face?

The UK has always been a key player in the advancement of technology but a range of issues are present in this sector that could threaten its growth and success.

Skills gap
The rapid pace at which technology is advancing, plus a post-pandemic shift in how we think about life and work, means the shortage of trained staff needs to be addressed quickly, but this requires investment.

Standing out in a crowded sector
Technology companies face difficulties differentiating themselves from their competitors due to a very crowded market.

Sustaining growth
Dealing with rapid growth can be challenging in terms of financing and articulating business objectives so that a workforce aims for the same goals.

Lack of investment
The high-risk, high-reward nature of digital and technology businesses can lead to difficulty in raising capital.

Maintaining secure working practices
Remote working brings its own security vulnerabilities for a tech workforce – maintaining a secure infrastructure is key to preventing cyber attacks and data theft.

Commercial finance solutions for digital businesses

Hire purchase
A hire purchase agreement can be a good option for businesses that eventually want to own the asset outright. Following a deposit and a series of monthly instalments, a small fee secures ownership for the business.

Lease agreement
If ownership of the asset is not required, a lease agreement may be a better option. At the end of the contract, there is typically a range of alternatives, including upgrading the asset to a newer model. This might be a good option for businesses in this sector given the speed at which technology and digital capability are advancing.

Equipment refinance
Equipment refinancing may suit businesses with existing equipment assets that are wholly owned. The asset is sold to a financier and then rented back without any loss of usage rights.

How to apply for technology finance

With a range of commercial finance products available, ensuring you apply for the most suitable solution for your business needs is key. UK Business Finance can help you source the best and most appropriate deal.

We are commercial finance brokers, rather than lenders, and use our extensive experience to help our clients secure vital funding. Our no-obligation services are free, with no requirement to sign any exclusive contracts with us.

  • We undertake whole-of-market searches to find the best deal
  • We write the applications to lenders on your behalf
  • We know the criteria of all lenders in the UK

Contact us today for fast access to the right type of commercial finance for you.

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