If you have approached your bank and found it difficult to secure the funds your business requires, you’re in good company. Banks are declining up to 50% of loan requests from some smaller businesses.
Banks’ lending decisions have very little to do with you or the prospects of your business. And their outdated processes and high costs of capital make it difficult for them to lend to smaller businesses.
Business owners are also being frustrated by the inability of banks to provide flexible forms of credit to businesses. This is highlighted by the fact that the availability of business overdrafts, long a favorite tool for businesses to smooth cash flow, has shrunk by more than 30%.
So where else can you get funding for your business?
More than 100 options to fund your business
The good news is that there are more than 100 new lenders who have stepped into the gap left by banks and are ready to lend to businesses even if they have been told ‘no’ by their bank. And there are also public schemes that provide support and funding to businesses.
This means that your business and your funding request is likely to be attractive to many lenders who look at creditworthiness in different ways from a bank.
Where lenders compete to fund your business
But business owners don’t have the time to research these new funding options, speak to all the potential funders and complete lots of applications.
Fortunately, Funding Xchange is here to help you. With Funding Xchange you just fill in one form, which takes less than 6 minutes, and the funders will get back to you with individual quotes, making it easy to compare your funding offers.
As a business owner, you are in complete control. You can compare funding offers at your leisure and decide which of our funders you want to work with.
If you’re looking for any type of business funding, try us out now! Remember Funding Xchange is completely free to use and allows you to;
- Apply in less than 6 minutes
- Compare all your funding options with no impact on your credit rating
- Choose which lender to work with
Delivering funding to businesses within 24 hours
In a recent request for funding, our client was running a growing company manufacturing dolls clothing. The owner needed to bridge the gap between a bill that was due immediately and a customer payment that was expected ten days later.
With a range of different funding options available, we were able to quickly solve this cashflow problem. The solution in this case was to release the payment from the outstanding invoice the very next day.
This proved to be not just the right solution for the business but also cost effective – as the business only paid interest for the ten days that it required the funding. And there was no fee for setting up the funding facility.
Put us to the test
If your business could benefit from extra funding just head over to Funding Xchange and we’ll do all the hard work for you.
More cash flow and financing help
You can find help and tips on all aspects of business funding on ByteStart. Here are a few of our popular guides on financing your business;
- A Guide to ‘Alternative Finance’ – the new funding options for startups and small businesses
- How peer-to-peer lending offers start-ups and small businesses a new funding option
- The secrets of getting a business bank loan
- Crowdfunding – a new alternative for small and start-up businesses looking to raise money
- Using Research & Development tax relief to reduce your corporation tax bill
And these will help you with your cash flow;
- ByteStart’s Guide to insolvency, liquidation and bankruptcy for business owners
- What exactly are invoice finance and factoring, and what benefits can they bring to my business?
- Improve your cash flow – 7 ways to make sure your business gets paid on time, every time
- 10 late payment excuses used by customers – and how to deal with them
- What to do when a client refuses to pay or can’t pay