What are you seeing within the markets you deal with?
The dust seems to be settling following the sharp shock of lockdown due to the Covid-19 crisis in 2020. Contrary to initial expectations there are indicators to show that some sectors have prospered. This is largely due to their respective industries seeing an increase in demand, including logistics, food manufacturing, wholesale and accountancy.
“Cash Is King carries more weight now than ever”
This doesn’t mean that companies are entirely out of the woods, however these localised upturns do lead to certain changes in mindset. Namely, the adage ‘Cash Is King’ carries more weight now than ever. Businesses sitting on cash reserves are undoubtedly safer than those without.
What moves are being made consequently?
With success comes growth and the need for capital expenditure to deal with increasing capacity. This can mean large capital outlay to manoeuvre according to requirements – an unnerving prospect at any time but particularly in this current climate. Financing poses a credible option to allow the purchase of new assets, deal with enlarged working capital obligations, whilst still retaining cash where it is best placed – in the bank.
But which avenue of funding provider is best for me?
At first glance, the bank may seem to be the obvious choice, but with staff still working from home and the demand of Coronavirus Business Interruption Loan Schemes (CBILS) applications, timescales are longer than anticipated. Stricter underwriting may also prove to be a factor given the large sums of money advanced within the Bounce Back loan and CBILS as well as the number of existing agreements with payment deferrals.
“Saving you time, money and possibly stress, is Business Finance House”
The next option may be to consider an alternative finance provider; These funders can act with speed and experience. This may be a more attractive option for business owners who are keen to source funding efficiently and focus on the day to day running of their business.
Why a broker and not just approach the funder?
A good broker will add value to the process. Admittedly, we live in a culture of ‘do it yourself’ – why pay someone else to do a job that we can do ourselves? It can be difficult to stay up to date with some funders criteria, however an experienced broker will be able to judge, advise and manage the needs for the business and source the funds quickly and effectively. If like most business owners, you have day- to- day operations to take care of, the benefit in allowing a dedicated broker to source your requirements is paramount.
Which broker can I, or should I use?
Saving you time, money and possibly stress, is Business Finance House. We listen, learn and act on your instruction with commitment and integrity. Mixing experience with enthusiasm, we can bring all areas of the market to you to help find the business loan that’s right.
Call us today about your growth plans, purchasing needs or working capital challenges and see how we can be your trusted financing partner.
