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Why the best option for your business is Small Business Finance

Published on 23rd August 2019 - Last update on 24th August 2019

Whether you’re looking to acquire specialist equipment, fund vital growth projects or provide support for your finances, ensuring that your SME has everything it needs to succeed is crucial. However, during the early stages in your business’ development, you may not be aware of what funding opportunities may be available. But if you’re in need of some extra cash but don’t know where to turn, you could apply for Small Business Finance. An umbrella term describing a wide range of business finance products, Small Business Finance could offer you the funds and tools necessary for completing all manner of essential goals and projects in total confidence. So if you’re thinking about applying for Small Business Finance, here’s why it could be the best option for your business.

  • Available for a variety of purposes
  • Access to a range of business finance solutions
  • Suitable for a variety of financial situations
  • Choice of repayment methods available

What can Small Business Finance be used for?

Small Business Finance is such a useful package for to explore because it can help benefit any area of your business. This is because many of the products on offer usually carry no usage restrictions. Therefore, if you need to replace ageing equipment, smooth out uneven cash flow, acquire property or even reinforce your working capital, applying for Small Business Finance could be what you need to achieve your goals. But, in order to gain the full benefit of this package you also need to aware of what products are available and how they work.

Is your business in need of more equipment or vehicles? Or are looking to acquire a cash injection ready for an upcoming project? Apply for Small Business Finance or learn more about how your business could benefit

How many Small Business Finance solutions can I choose from?

Another way that Small Business Finance can be of assistance stems from the range of finance solutions it makes available. However, each of these products works differently and may affect specific aspects of your business. So, by choosing to apply for Small Business Finance your business could benefit from Secured and Unsecured Loans, Merchant Cash Advance, Property Finance, Asset Finance, Invoice Finance or even Overdraft Replacement. But, in order to make an informed decision, you need to ensure that you fully understand each of the products on offer before entering into any financial agreements.

What does my business need to qualify for Small Business Finance?

Because Small Business Finance covers a diverse array of business finance products, this package is able to take a flexible approach in regards to the criteria required. So although some products may require you to present collateral using business assets such as equipment, machinery or property, especially if you’re looking to borrow more than £50,000, other finance solutions may not. Plus, whilst possessing a strong credit score may not always be necessary, some products and lenders may prefer to take more interest in your past income or the equity contained within your unencumbered assets.

However, although offering collateral can help raise lender confidence, maximising the amount of external funding you could receive, this would mean putting your assets at risk ounsecured finance solutions or offer lenders a Personal Guarantee.

How manageable is Small Business Finance?

Whilst making Fixed Monthly Repayments over an agreed term is the most common repayment method for business finance repayments, it’s not the only option available to you. Depending on your chosen product, you could also settle the agreement using either Flexible Monthly Repayments, Deferred Payments or even use the money owed to you in unpaid invoices. Therefore, you could source an agreement that’s able to work around your budget, monthly income, day-to-day operations or when you eventually expect to get paid. As such, before entering any financial commitments, make sure that you fully understand how the agreement is repaid and whether your business can afford it.

Thinking about applying for Small Business Finance?

Growth and sustainability can be achieved in a number of ways, but the key ingredient to success will always be ensuring access to sufficient amounts of capital. Although you may think that, as an SME business, your funding opportunities are constrained, in truth they’ve never been more diverse. The only challenge you need to overcome is knowing where to look. Thankfully, we’ve already done the hard work for you. So if you in need to more equipment, a new premises, fleet expansions or help smoothing out cash flow, apply for Small Business Finance or find out more with Rangewell.

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