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What To Consider Before Applying

If alternative business finance sounds attractive to you, we advise that you consider the following before committing to an application:

  • What type of finance will best suit your business needs?
  • Do you require funding for your business to survive or does your business want to develop, expand or consolidate?
  • Do you need cash flow or working capital, or both?
  • Speaking to somebody that understands your business and the business finance options that are available will help you to avoid a bad decision

The Pros and Cons of Alternative Finance

The unwillingness of banks to offer quick and sensible lending propositions, means that alternative providers are becoming a more a popular route with business owners. However, be mindful of the following before proceeding:

PRO’S

  • The application process is fast and allows for quick access to finance
  • Your application is more likely to be approved based on a commercial attitude to lending
  • Payments terms can be fixed, variable, short-term, long term or linked to your sales
  • The benefits should outweigh the cost
  • Some products require limited forms of security

CONS

  • Rates of interest can sometimes be higher than a tradition form of bank lending
  • Some products and some lenders are still evolving as business models
  • Limited personal contact or customer services
  • Current regulation may prevent lending to unincorporated businesses
  • Appetite for lending can be unpredictable
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