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Since the credit crunch, many traditional banks have been tied up with rules and regulations, and seem to have turned their backs on small business lending, but there are alternatives!
Getting the lending you need through traditional channels has become almost impossible – particularly if your business has only been trading for a short time.
However, while the traditional banks can’t, or won’t, help, a new generation of alternative lenders have sprung up to fill the gap. At Rangewell, we can help you find alternatives to bank loans.
Growing a business requires investment and, for most small business owners, getting a loan will be essential. In the past, small businesses would go to their local bank to secure financing to navigate applying for a business loan.
Times have changed.
As the economy is beginning to pick up, the relationship between small businesses and traditional lenders, big banks have changed considerably. These days, banks won't often lend to small businesses as they used to, which has left many business owners wondering how to get the capital they need to keep their doors open and their business growing.
Want to find an alternative to traditional bank loans? Speak to Rangewell today, we can source a range of short-term loans to suit your business needs. We can help even if you have bad credit.
There are many business lenders who can adopt a more flexible approach to lending. These include newcomer banks, as well as specialist lenders who work mainly online, and even peer-to-peer lenders.
Challenger banks may be more flexible than the established high street banks. They may have simpler application requirements with reduced paperwork and are usually able to move more quickly on making a decision.
Peer to Peer - or P2P lending - can provide businesses lending through online services that match lenders with borrowers. These may offer competitive unsecured loans, but the process can be long and complicated, and an application may simply not attract investors.
Online lenders can make decisions much faster. Some will allow you to support your application by uploading documents electronically, and by allowing access to online records. Some are able to put funds in your business bank account on the same day that you apply.
Specialised lenders can provide loans to businesses that might not meet the criteria of mainstream business lenders. If you are a start-up with no business history, have an adverse credit record or work in a sector with unusual funding needs, a specialist lender may be able to provide a solution.
Other alternatives to bank loans, including invoice financing, merchant cash advance and inventory finance, can also provide alternative methods of raising cash for your business.
There are ways to get the money you need to build your small business without jumping through hoops.
1. Crowdfunding Platforms
Over the past few years, crowdfunding has become incredibly popular and one of the most attractive ways of raising money. To access crowdfunding, the entrepreneur will post their project on platforms such as Kickstarter. Then, people worldwide can support it by making donations in exchange for a perk from the business owner.
2. Merchant Cash Advances
With this type of loan, you'll receive a lump sum of money and then repay that amount plus any additional fees, usually over a few months. There is no set monthly payment, interest fees of the due date. Instead, you'll pay a small percentage of your daily debit and credit card revenue.
3. Micro Loans
Microloans are small loans given to entrepreneurs to help get their business off the ground. Microloans are usually for small amounts, and they aren't usually based on credit rating or collateral.
Microloans are often designed for women, minorities and low income or young entrepreneurs. The process usually involves business coaching to help improve chances of success.
Want to learn more about business financing options? Speak to Rangewell today we can help where a traditional business loan cant.
Our alternative business loans and merchant cash advances are perfect for a range of business types looking for a bank loan alternative. Providing you've been trading for over 6 months and have a turnover of more than £60,000 - you're likely to be accepted.
When it comes to applying for a business loan, it is better to apply for one before you need it. There are some documentation you can prepare beforehand. Company owners cannot meet loan requirements when they need cash because they haven't prepared.
You should assemble the documents and other information to qualify for a business loan.
Here is an overview of just some advantages of alternative business finance
We can offer financial products at a competitive rate, we've helped many loyal customers business owners grow their businesses.
The new alternatives to bank lenders can mean more ways for your business to get the funding it needs, but the additional choice means that you need expert help and support to get the funding that's really right for you.
Not all types of lending may be suitable for all business purposes. Some lenders specialise in providing loans to individual business sectors.
Finding both the right type of loan and the right lender are essential to secure the funding you need at the most competitive price.
At Rangewell, we can provide the expert help you need. We have mapped the entire UK lending market, and have excellent relationships with all the providers of commercial lending. We can help you select the most suitable provider for your business and your financial circumstances.
Our expertise works to give you an important advantage. Because we can compare all the various providers, we can help you find the most appropriate type of funding and the most competitive deal. If your need is urgent we can help you find a lender who can provide funds quickly - and if you have circumstances that might affect a lender’s decision, such as adverse credit history - we can find the lenders who may be able to take a flexible view. So whether you're looking for new business loans, short-term finance, unsecured finance or any other type of funding for your business, contact us today. We can get access to the cash you need and can arrange repayment terms to suit your needs.
Preparing an alternative overdraft or another type of bank loan before you need it is a prudent way to increase the financial resources you can call on.
Arranging a facility will cost you nothing if you don’t draw down the cash – but simply knowing you have a financial resource could mean valuable peace of mind, and increase the flexibility of your business.
Call us now.
Our goal is very simple - to help businesses find the right type of finance as quickly, transparently and painlessly as possible.
The downsides of borrowing
What business lending products does alternative finance include?
We explain the different types of alternative business funding options, including Invoice Financing, Merchant Cash Advances, Asset Financing, Term Loans, Working Capital Finance, Peer to Peer Lending and more
Where do high street banks fit into the landscape of finance providers?
Can alternative business financing providers really provide business loans to small businesses within 24 hours?
What interest rates and monthly payments am I likely to be charged?
Which finance type looks at my business credit and debit card sales?
Can Bank Loan Alternatives help small business owners with long-term and short-term funding issues, even if they have a poor credit rating?
What is the difference between alternative finance and a business bank loan from any of the high street banks?
Is it only certain types of businesses who can apply for bank loan alternatives?
Can bank loan alternatives help with cash flow financing?
Do many businesses use bank loan alternatives?
I am only in the business planning stage, can I benefit from any of the products or services on offer with this type of finance?
Do I need to hold a business account with one of the major banks to qualify?
Will my past business finances affect my application?
Dowload our free and comprehensive guide today
Have a question?
The relationship between small businesses and big banks has changed considerably. These days, banks won't often lend to small businesses as they used to, which has left many business owners wondering how to get the capital they need to keep their doors open and their business growing.
The two main financing alternatives are:
1. Merchant Cash Advances
With this type of loan, you'll receive a lump sum of money and then repay that amount plus any additional fees, usually over a few months. There is no set monthly payment, interest fees of the due date. Instead, you'll pay a small percentage of your daily debit and credit card revenue.
2. Micro Loans
Microloans are small loans given to entrepreneurs to help get their business off the ground. Microloans are usually for small amounts, and they aren't usually based on credit rating or collateral.
Microloans are often designed for women, minorities, and low income or young entrepreneurs. The process usually involves business coaching to help improve chances of success.
Typically, to be eligible for an alternative business loan, you'll need to have been trading for a minimum of 6 months as well as earning a turnover of at least £60,000 yearly.
