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What you need to know about Small Business Funding

Published on 6th September 2018 - Last update on 11th September 2018

Although it can be one of the most exciting times of your development, the early stages of a business are also some of the toughest you’ll have to endure. That’s because, as well as developing an effective business plan, hiring a dedicated team and promoting a shared vision, you also need to create a detailed financial plan outlining how you intend to raise the necessary capital to fund your venture. Naturally, your first thought might be to explore the traditional routes to funding, however, this can prove difficult when you have a limited trading history and an unproven business model. But at the same time, whilst some routes may well be closed off to you, the Alternative Finance industry is creating alternative pathways for your business to explore, including Small Business Funding.

Why should I apply for Small Business Funding?

At every stage in your business’ development, capital will always be a vital resource, reinforcing your ability to maintain a steady rate of growth and run effective day-to-day operations. However, as a small business owner, you’re, no doubt, having to manage it all with a limited budget. Yet even if you do have the good fortune of possessing the necessary capital, possibly in personal savings, using this strategy is a risk that can have negative long-term consequences.

Instead, you could choose to learn more about what small business funding opportunities are available. Small Business Funding products are designed with the struggles that SMEs face in mind and are suitable for a wide range of financial situations and purposes. Therefore, applying for Small Business Funding could offer you the necessary support to achieve your goals in complete confidence.

Looking to raise funds for your small business? Need help sourcing an appropriate finance agreement? Apply for Small Business Funding or learn more about how your business could benefit.

How do I qualify for Small Business Funding?

Being a small business, it’s easy to assume that your ability to qualify for business finance is limited. Although some financial institutions in the UK may feel hesitant to offer you an agreement on account of your limited trading history, there are plenty of alternative pathways available that could accommodate your request. Yet with the growing prominence of the Alternative Finance Industry, it’s worth noting that a new generation of lenders and business finance products are being introduced upon the UK lending landscape. Plus, many of these products take into account a variety of factors when it comes to their decision-making process.

Although lenders will often request permission to review your personal and business’ credit profile, possessing an adverse credit rating won’t always be used against you or lead to a rejection. In fact, depending on your chosen product, you could raise funds for your business on account of past income, card-based (credit and debit card) sales, unpaid business-to-business (B2B) invoices, collateral or even the equity held within your unencumbered assets (equipment, machinery or vehicles). Therefore, being small doesn’t necessarily mean you have to rein in the scope of your vision, providing you know where to look.

What solutions can I apply for?

For any developing business, regardless of sector, Small Business Funding has become an invaluable tool to explore. The reason for this is the wide range of business finance solutions that are on offer, which all work differently and are applicable for a variety of financial situations. So whether you’re looking to raise funds for an urgent growth project, smooth uneven cash flow, support unpaid invoices or even gain a cash injection, some of the products available to your business include Secured Business Loans, Invoice Finance, Overdraft Replacement, Asset Refinance and Merchant Cash Advance. All you need to do is source an appropriate finance agreement from a lender you can trust, which is why speaking with a qualified business finance professional can prove invaluable.

Looking to apply for Small Business Funding?

Although having a clear vision is vital, simply having a great idea isn’t enough to turn a small business into a thriving, market-leading venture. In order to achieve your goals and secure a sustainable future, having access to sufficient amounts of capital is a prerequisite that can’t be ignored. However, this is also an aspect that many businesses struggle with. But if you’ve got the passion and determination to see your business grow into fruition, there are plenty of small business funding opportunities that could help. You just need to know where to look.
At Rangewell, we’re an Access to Finance specialist who’s mapped over 400 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 you through the application process. So if you’re looking to raise funds for your business, apply for Small Business Funding today or find out more with Rangewell.


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David Harrison

David Harrison

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