Struggling to get a business loan? Feels like you have exhausted all potential avenues? Fear not, you could still have 3 routes to the finance you need…
If you have struggled to get a regular business loan, then you should consider whether you have any assets that you could borrow against, such as your house or car, to support your application for a secured loan.
Secured loans are often for large amounts and are paid back over a long, steady period of time. They can be great even if you are a start-up, you have no proof of income or a poor credit rating – as the collateral you provide as security provides the incentive the lender needs to advance you the cash.
Find out more about secured loans and how you can safely unlock the potential in your property or other assets here.
If you need a loan to bridge a gap in cash flow then you will likely be unsuccessful when applying for a regular business loan however, invoice finance offers a solution for these circumstances.
Invoice finance is quick and simple in comparison to traditional finance routes such as bank loans because it is designed to be flexible and accessible when you have money tied up in invoices that are yet to be paid. Invoice finance essentially speeds up your receipt of those funds, providing you with the immediate working capital you need to grow your business, whilst releasing the pressure placed on your cash flow.
Find out more about Invoice Finance and whether it is the right option for you here.
Revolving Credit Facilities
If you have been turned down for a business loan, you don’t have assets to get a secured loan and invoice finance isn’t an option then you can still consider a Revolving Credit Facility.
These have become increasingly popular in recent months, due to the fact that they allow you access to cash only when you really need it. As the name suggests, this is a rolling agreement without a deadline. The choice is yours then how much you borrow at any given time (usually between £20k and £3m.), and how much you pay back each month.
A revolving credit facility can help you establish a credit history and give you easy access to funds whenever you need them.
Find out more about Revolving Credit Facilities here and whether they are right for you.
Get accepted on your next application
In a nutshell, if you are applying for finance yourself, using only your knowledge of available lenders, then you only stand a 30% chance of acceptance. This is because you don’t know who’s really out there, and moreso – you don’t know who will say yes to you. It is a gamble, and once you’ve had a couple of turndowns, you decrease your chances even with the right lenders.
Don’t gamble with your business’ future.
Use a business finance broker who has full market access and knowledge of specialist lenders. They also know precisely how to package your proposal in the way the underwriters want to see it.
Tell us your story, let us find a lending solution and lender for you, then take the application the underwriter wants to see, straight to their desk – we have that access.
Get specialist help. Call now on 0800 612 5364.