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Looking elsewhere for funding
Looking Elsewhere For Funding
Previously we have reported upon the difficulty SMEs have been experiencing in acquiring funding and loans from traditional lenders. For many high street banks, it is simply not economic to lend sums of less than £50,000 on a stand-alone basis. This week in the Times, senior figures in asset finance have been expressing the need for a serious shake-up in the approach SMEs take towards securing funding.
Asset finance allows SMEs to spread the cost of buying equipment over a number of years, preserving working capital, helping cash flow with fixed periodic payments and enabling them to invest money back into their businesses for future growth.
This type of finance allows businesses to invest in vital assets that they might otherwise not be able to afford while providing greater flexibility than other types of secured lending such as business loans, since there is the option to hire assets for a specific period-to fulfil a fixed term contract, for example- rather than requiring the outright purchase of the asset.
According to the Finance & Leasing Association, asset finance loans in the UK totalled approximately £25 billion last year and SMEs now make up roughly half of the total asset finance market in the UK.
The Managing Director at Aldermore, one of the so-called challenger banks, reports” There is growing demand for alternative finance and that the market appears to be in good shape to meet it, with more providers at any point since the economic downturn and a wider range of options available”.
If you are having problems acquiring investment finance and would like to find out more about the alternatives to your high street bank, please contact Chorus Business Advisers 0845 867 1263 or visit our website www.chorusadvisers.co.uk
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