Business Loans & The UK Brexit uncertainty
Business loans are continuing to increase in the UK with the funding being used to improve business cash flow and to provide UK business growth. Now that there is a deadline to action the UK’s Brexit, UK Businesses are once again starting to look at their financial future and think about their sustainable revenue.
Change can be a scary thing for anyone at any time! Why? because change brings the unknown and with that it follows with unpredictability. However, businesses can turn this ‘unknown’ into an opportunity. Many UK businesses are using business loans and invoice finance solutions to inject cash into new opportunities, here at Grow Funding we have witnessed this on many levels. Just a few examples in the past few months have shown expansion of businesses, using a business loan to franchise their business. Also using cash flow to purchase additional stock to take on more business contacts.
With business loans growing in the UK, so is the number of lenders. 10 Years ago, UK businesses wouldn’t have seen the number of lenders that are around today. But still most UK businesses are unaware of these lenders and how to contact them. Some lenders can be contact directly and some cannot, the lenders that cannot be contacted directly choose to have clients referred through accountants, business finance brokers and insolvency practitioners. The advantage of going through a referral system is that the accountant, broker or practitioner will know their lenders well and select the best lender for the client. It matters that the client and lenders are matched well for many reasons, not only to get the best rates and to get an acceptance of a loan, but also so the client dose not have loads of failed credit searches. But there are more benefits to using a broker such as they way the loan is packaged up and delivered to the lender.
Lenders that spend a significant amount on advertising are usually the lenders that allow direct applications, however there are still big benefits applying through a broker please read the follow article ( https://www.growfunding.co.uk/why-should-i-use-a-commercial-finance-broker )
Our UK Government are still really focused on supporting UK businesses, one of the ways they are doing this is with their ‘Business Support Helpline’ offering support on many topics such as employing people, money and tax, running a business and self-employment. The government also support the ‘start up loans company’ a subsidiary of the British Business Bank and offers loans up to £25.000 to start ups. They will also support with advice and mentoring.
For free advice on business finance and solutions please contact us here at Grow Funding, we are always happy to offer free advice.
T:01903 660091
Email diane@growfunding.co.uk