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More SMEs developing in confidence

Published on 3rd February 2017 - Last update on 13th January 2020

Despite the challenges, it’s becoming ever clearer that SMEs are regaining their confidence to further boost their rate of growth. Part of this can be put down to emerging small business schemes and the ever-increasing availability of the alternative finance industry. Plus, with SMEs contributing around half of the private sector’s total GDP, it’s brilliant news for the UK at large.

So what’s responsible?

There are a number of schemes being unveiled to help support the growing numbers of SMEs opening up and developing across the UK. Thanks to their availability, business owners are finally experiencing higher turnovers, with many now boasting a growth rate in the region of 80%.

However, the sheer extent of SME success would not have been possible were it not for the alternative finance industry’s assistance. As major high street banks choose to focus on big business, alternative finance is proving to be an essential tool, exposing business owners to a vast expanse of business finance products.

What’s the role of Alternative Finance?

Put simply, alternative finance is business finance offered by anyone other than your local bank. As such, this allows your business to experience and explore finance in a whole new way. The array of choice on offer is now something to behold. To this industry’s credit, there are now thousands upon thousands of finance products all waiting to be taken advantage of, with the list growing larger by the day. It is without any doubt that the growth SMEs are experiencing comes as a result of increased exposure to alternative finance.

However, with so much to choose from, picking the best value solution often proves to be a tremendous but unnecessary challenge. But to overcome this obstacle, more and more business owners are entrusting companies such as Rangewell to source the perfect finance package, including growth finance.

What is Growth Finance?

It is the perfect fully-customisable package, designed to stimulate growth in any way possible. So if you need more specialist equipment, technology, rooms, vehicles or branches, Growth Finance is exactly what you need to achieve your goals. Consisting of a number of products, your business could benefit from: Business Loans, Leases, Hire Purchase solutions and more!

  • Business Loans: Starting from £5,000 to as much as £1,000,000, you could secure the sums you need to start and complete any given expansion project. Typically, loans are offered as either secured or unsecured. Secured products will require you to set down assets for security, whilst with unsecured products you do not. To increase the sum you may get unsecured, you could apply for a personal guarantee, stating your commitment to repaying the product in due course.
  • Leases: If you’re hoping to acquire equipment for a period of time and not be encumbered with the burden of ownership, leasing is an exceedingly useful tool. You could make use of an asset for a period lasting between 1 – 3 years in exchange for committing to monthly payments. Once the term is finished you can either give the asset back, extend the leasing term or present a buyer.
  • Hire Purchase: Great for securing equipment when you’re short of the necessary funds. Hire purchase agreements are an excellent way of eventually owning a piece of equipment. A lender will, on your behalf, purchase the concerned asset. Upon paying an initial lump sum, in the region of 10% the asset’s total value, from here on, you’ll be required to make monthly repayments. Once the repayment scheme is concluded ownership passes on to you.

Why Rangewell?

Our values are simple – We’re on your side. Our services are clear and transparent. 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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David Harrison

David Harrison

Content writer
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