What is Alternative Finance?27th March 2018
As well as having a detailed business plan and a team you can rely on, you also need to make sure that you have access to sufficient cash reserves in order to grow and remain sustainable. Yet despite the necessity of this vital resource, cash can be hard to acquire, especially if you’re a developing SME. Therefore, if you’ve been rejected by your bank or you’re looking for other forms of business finance, you may wish to explore what the Alternative Finance Industry has to offer. Alternative Finance is simply finance offered by anyone other than your local high street bank and covers a diverse range of business finance solutions which have been made available from everyone from boutique banks and specialist finance providers to alternative lenders. So if you’re in need of business finance but don’t how to take the first step, this is what you need to know about Alternative Finance.
- Why should you apply for Alternative Finance?
- What products and packages are available?
- What can Alternative Finance be used for?
Why should I apply for Alternative Finance?
Regardless of your chosen sector, exploring Alternative Finance can prove invaluable, especially if you have already been rejected by your bank. Because of the variety of finance solutions that Alternative Finance lenders can offer and, depending on the option you choose, you may not need to submit multiple documents, lenders may not be interested in your credit score and some products may offer flexible repayment schemes. Therefore, Alternative Finance is another for you to provide the financial tools for your business. The only difference lies with who they’re from.
What can I apply for?
When discussing the Alternative Finance industry you’re talking about a highly diverse range of business finance products and packages. Just to give you a taste of what’s offer, your business could benefit from packages such as Invoice Financing, Asset Financing, Working Capital Finance, Property Finance and Refurbishment Finance, along with many others. Therefore, by choosing to explore what the Alternative Finance has to offer, you may stand a higher chance of sourcing a product that reflects how your business operates, its current financial situation and what you’re hoping to achieve.
What can Alternative Finance be used for?
By choosing to explore the Alternative Finance Industry, the possibilities that may be open to you are limitless. Thanks to the range of products available, Alternative Finance enables you to target, support and develop any area in and around your business. So whether you’re looking to acquire new equipment, replenish stock, purchase property, smooth out uneven cash flow or achieve any other short and long-term goals, Alternative Finance could offer you the way towards the most appropriate business finance solution for your needs.
Still wondering what the Alternative Finance Industry can do for your business?
In order for your business to grow and establish a tangible presence in your chosen sector, ensuring that you have access to sufficient amounts of cash is essential. The challenge you need to overcome is how to acquire it. Although it’s tempting to draw upon your own funds, this is a risky strategy that could cause problems later in your business’ development. Instead, you could take a look what the Alternative Finance Industry has to offer. At Rangewell, we go above and beyond your typical finance broker. We’re an Access to Finance specialist that works with over 300 lenders to offer you an overview of more than 23,000 business finance products. Our services are free to use and we’ll also guide through the application process. So if you’re in need of external funding, apply for Alternative Finance solution today or find out more with Rangewell.
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