What are Bank Loan Alternatives?
As a business owner, your focus needs to be on ensuring strong growth and sustainability. Yet although you may have a detailed business plan stating what you need to achieve and how, you also need to decide how you’re going to raise the necessary funds to achieve this. As such, your first thought might be to approach your local high street bank. However, high street banks now have to contend with a number of rules and regulations that were introduced in the aftermath of the 2008 banking crisis, causing them to hesitate when dealing with small businesses. This is where applying for a Bank Loan Alternative could help. A Bank Loan Alternative is, as the name suggests, finance from an alternative source to your bank. So if you were declined or unable to raise the funds that your business requires using the traditional route, here’s what you need to know about Bank Loan Alternatives.
- Why should you apply for a Bank Loan Alternative?
- What types of Bank Loan Alternatives are available?
- What can a Bank Loan Alternative be used for?
Why should I apply for a Bank Loan Alternative?
With the rules and regulations that were imposed as a result of the 2008 banking crisis, high street banks have become more reluctant to lend to small businesses. This, in turn, has caused a rift between high street banks and small businesses, leaving many business owners looking to other avenues for the funds they require. So, if you’ve approached your local bank for funding but were turned down or offered an insufficient amount of funding, sourcing and applying for an appropriate Bank Loan Alternative could be the answer.
Are you looking to support growth or smooth out uneven cash flow? Have you approached your bank but weren’t satisfied with what was on offer? Apply for a Bank Loan Alternative or learn more about how your business could benefit.
What Bank Loan Alternatives are available?
By exploring what Bank Loan Alternatives are available, your business could gain access to a wide range of business solutions. Just some of the products that are on offer to your business include the likes of Secured and Unsecured Business Loans, Invoice Financing, Inventory Financing and Merchant Cash Advance. All of these products work in their own unique way to raise the funds your business needs, helping to make business finance more widely available. However, in order to source an agreement that is right for your particular financing needs, make sure that you fully understand the range of products that are on offer to you before applying.
What can I use a Bank Loan Alternative for?
Because many of the products that are on offer carry little or no usage restrictions, there’s no limit to the number of ways a Bank Loan Alternative can be used. As such, you’re able to provide essential support to any area of your business. If you’re looking to receive a cash injection, smooth out uneven cash flow, purchase equipment, cover operating costs or refurbish property, for example, a Bank Loan Alternative could help. As such, applying for a Bank Loan Alternative could grant you the confidence and ability to achieve all of your goals and succeed.
Are you looking for a Bank Loan Alternative?
Making sure that your business has the funds it needs to succeed isn’t always easy. You may have turned to your local high street bank and found that they were unable to help. Although you may be tempted to use your own funds or postpone key projects, there is another way that you can achieve your goals. Thanks to the Alternative Finance Industry your business now has access to a wide range of Bank Loan Alternatives, which can support a variety of financial situations. All you need to do now is source an appropriate solution for your business, at a competitive rate. But how? Fortunately, we’ve already done the hard work for you. If you’re looking to source external funding for your business, apply for a Bank Loan Alternative today or find out more with Rangewell.