ARE YOU AWARE OF THE ALTERNATIVE FINANCE OPTIONS AVAILABLE TO YOUR BUSINESS? Feb 22, 2019Views: 1267
If not, then you aren’t alone, as new research indicates that a third of businesses are unaware of their options for finance.
A new study by the British Business Bank has found that while many small businesses want to grow using finance, they are still reliant on traditional loans and banks.
Of those who they asked, only 5% of businesses have considered angel investment while only 7% cent have considered crowdfunding.
This problem is amplified in more established businesses run by older owners. Incredibly, fewer than one in 20 over-35s had considered alternative finance. In comparison, around 19%of millennials (under-35s) have used alternative forms of finance.
It is clear then that businesses need to look beyond traditional lenders if they wish to finance their growth.
At Lamont Pridmore, we regularly meet with representatives from local banks to establish their current lending criteria and the sectors they are interested in lending to. This means we know exactly what the banks are looking for, enabling us to provide the most appropriate advice for your requirements.
Of course, banks are not always the most appropriate option for some businesses, so we have also taken the time to research alternative funding sources.
As a first step in advising you on your business’s financial needs, we undertake a comprehensive financial health check on your business, including:
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- How your finances are structured
- Business borrowing review
- Personal borrowing review
- How your asset purchases are financed
- Working Capital Cycle: creditor days, debtor days and invoice finance
- Bank charges, interest margin and your banking relationship
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