Last post: Aug 24, 2021
The last 18 months has been a challenging time which has seen the Government back around £79.6 billion in loans to UK businesses over three schemes (CBILS, CLBILS & BBLS). On top of this there was the Furlough Scheme, which is now winding down, and of course the significant grants that were given out.
For many businesses, these funds acted as a plug against a fall in revenue, or to help them purchase evermore expensive stock and products which are now eating into their gross profit margins. For other businesses however, it helped them flourish and grow. The pandemic proved to be fertile ground for not only new business ideas but for new ways of doing business; the Start Up Loans Company, which launched almost 10 years ago, recently announced that 23% of their total lending was issued in the last year alone.
Although we are now seeing light at the end of the tunnel with regards to the pandemic, most businesses are not yet out of the woods in terms of financial pressures and returning to business as usual. In addition, showing all-important affordability for the Recovery Loan Scheme (RLS) - or regular loans - is going to be tricky for those who already maxed out on the Government-backed solutions. The Start Up Loan criteria has also tightened due to the rise in applications.
With all this in mind, it is more important than ever to use the expert services that Choice Business Loans can offer so that your business can embrace the "new normal" with panache.
Choice Business Loans Director Sharon Cook said: "Whether it's for growth, working capital, expansion, or starting a new business, our team has the expertise to guide you to the best finance solution that will serve your business' long-term interests.
"We will save you wasting time and money on applications and unsuitable loans, and protect you from unnecessary credit checks.
"It's hugely important for us to take time to understand your business so we can carefully guide you through the process, applying our extensive knowledge of all our lenders for your benefit."
Solutions Choice Business Loans has access to:
- The RLS - and we are keeping up to date as new lenders are accredited
- A large panel of invoice finance providers. From using just one invoice or the whole book, we have it covered
- Lenders who will provide a revolving line of credit, unsecured and secured to help with minor bumps in the month
- Various crowdfunded business loans
- Asset finance providers
- Secured lenders who will look more at the security than at the business
- Specialist E-Commerce lenders
- Merchant cash advance lenders
- All high street banks
- The Start Up Loan Company
Give us a call now to discuss how we can help your business thrive.
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