Small Business Owner? You could do with some finance!

Whether you are a small business owner, have been established for some time, or currently have a highly profitable business, obtaining business finance can set you apart from your competitors.

In the current climate, businesses are being affected by different factors, from staff shortages and hiring, rising cost of living and operational costs to global supply issues. One of the factors that not many people talk about but is also impacting SMEs is access to funds, businesses have reported difficulties to secure loans for their businesses, even if highly profitable, but we’re here to help!

What are the usual requirements to secure finance?

Usually, you must have some financial history and be trading for at least a year to prove the lender that you can keep up with the payments. Your AIMS Accountant can put some cash flow projections for your business, and with your company’s up-to-date management accounts, you should be in a strong position to secure finance. But you still may need some extra help, a commercial broker not only will ease the path and do all the legwork to make sure you have higher changes to access finance, but will also be able to save you valuable time.

What types of finance can my business require?

Each small business owner has different financial needs and should be assessed individually with the help of a commercial broker as they can identify the right finance. It is often common that businesses approach lenders for financial products such as Asset Finance and Working Capital, Business Expansion Finance, Business Loans, Recovery Loan Scheme (RLS), Unsecured Business Loans, and Commercial Loans and Mortgages.

If you are sure about your financial needs, we could recommend a business partner, ASC Finance for Business, which specialise in business and commercial finance for SMEs and offer a free initial consultation to assess your needs. If you need help with accounting, business advice or preparing your financial history to secure finance, your local AIMS Accountant would be happy to discuss further.