Below you will find our most common questions and answers. Should you have a question that is not listed, please contact us with your query: You can find our contact details on our contact page, and we will be happy to answer your question.
Can you explain business finance?
The term ‘business finance’ is used in reference to any financial product or service procured to fund business operations, or to enable business owners (existing or prospective) to cover the costs of intended purchases, projects, or new business establishment.
Do I need a broker to apply for business finance?
Not necessarily, but enlisting broker support will help you get a more competitive deal, while simplifying the application process. Many specialist business finance providers offer their services exclusively via broker introductions. This means that the only way to gain access to some of the market’s best business finance deals is to work with a suitably qualified and experienced broker.
How can business finance support my business?
Depends entirely on your requirements and your current financial circumstances, but business finance can support small and large organisations in many ways. It can be used to purchase essential inventory to facilitate sales, to cover staffing costs, to finance business expansion, and to cover all types of unexpected outgoings. The fact that some types of secured business finance can be arranged so quickly also makes them great in time-critical scenarios.
What are the different types of business finance?
Most business finance products are bespoke solutions, with flexible terms and conditions to suit the requirements of the borrower. Just a few of the many types of business finance available include construction loans, development finance loans, merchant cash advances, business credit cards, commercial overdrafts, secured business loans, bridging loans, and many more besides.
Which lenders offer business finance?
Some major banks and lenders offer specialist business finance products, but the best deals on the market can usually be found away from the High Street. For example, if you are looking for an affordable development finance loan, bridging loan, or merchant cash advance, it is always better to work with an independent specialist lender. Your broker will help pair your requirements with a suitable provider, based on the needs of your business and your budget.
Are financial statements needed?
No, it is not always necessary to provide financial statements to qualify for business finance, or any specific proof of financial performance. With secured business finance, you simply need adequate security (assets) to cover the costs of the loan, and a viable exit strategy (proof of when and how you will repay the loan). It is even possible to qualify for some types of business finance with poor credit, or a history of insolvency.
How long does it take to apply for business finance?
It depends entirely on the nature and complexity of your requirements, and the specific type of business finance you apply for. Some types of commercial finance (like bridging loans and merchant cash advances) can be authorised and accessed within a few working days, making them great for covering time-critical costs and unexpected outgoings. If time is a factor, it is essential to enlist the help and support of an experienced broker, who can expedite your application on your behalf.
Do brokers charge a fee?
A good business finance broker will never collect fees from their clients for the services they provide. All information and advice are provided obligation-free, with nothing to pay at any time. Brokers instead collect commissions from the lenders they bring business to, meaning they need not charge their clients a penny. Your broker will also provide full disclosure of the fees and charges that apply to any business loan facility you plan to take out, so that you know exactly how much you can expect to pay if you decide to go ahead.