SME lending markets becoming highly competitivePublished on 9th January 2017
Funding is often a major issue on the mind of many business owners and access to funding is, without a doubt, the most vital part of supporting a developing business and ensuring it continues to grow into an inexorable competitor. However, with high street banks giving the cold shoulder, getting the funds you need to realise your goals can seem impossible – but is it?
No longer do business owners have to settle with a glass only half full, as alternative finance has been steadily growing and establishing a strong foothold in the SME lending market. As more and more marketplace lenders emerge, business owners are increasingly benefiting from the products and opportunities they have to offer. In fact, so many SME lending markets are emerging it’s becoming increasingly competitive and enabling many business owners to acquire some truly amazing funding bargains.
Has acquiring business finance become easier?
Yes and no. With so many non-bank funders emerging, all hoping to attract business owners with their funding solutions, the vast array of choice can be bewildering. So how can you be sure you’re getting the best value solution available when there are thousands upon thousands of finance products being thrust upon you? This is the question that SME lending marketplaces have strived to answer.
However, with so many marketplaces emerging business owners have yet again arrived at the same issue – choice. When considering a lending marketplace it’s imperative that you use a reliable one that can genuinely source the best finance package, accompanied by great interest rates. But what should you expect from a reputable marketplace?
- How many lenders are they associated with?
For any successful lending marketplace, being linked to as many lenders as possible is a must. Having more associated lenders allows them to gain a larger assortment of products to source from. Plus, it can be an indicator of their reputation among the lending community.
- How many business finance packages can they offer?
Being able to source the ideal product for your business from a larger range is a vital part of running the most reliable and trustworthy marketplace. Only by choosing from a larger range can you be sure that they’re presenting you with the right product to suit your needs. Plus, it also gives you exposure to lesser-known lenders who may be able to offer you a better deal than a more widely-known lending practitioner.
- How trustworthy are they?
Before using their services and entrusting them to find you finance, you need to be sure that you can rely on them to find you a great value finance solution. Again, being associated with a broad range of lenders can be a good indicator of their reputation. However, it’s also advisable to review their case studies, consider how soon you can expect a response and how open they are to your questions. Obviously, they want to build a strong relationship, just be sure it’s one that works in your favour too.
Our values are simple – We’re on your side.
At Rangewell, we support a wide range of SME businesses of every shape and size, for finding every type of finance. Follow us on Twitter and LinkedIn for business tips and tricks, and feel free to call us on 0203 637 2340 if you’d like to chat about what we can do for you.
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