A good broker can improve the chance of your Business Finance application being accepted by up to 70%
Choosing the right Bank or Financial Company can have a dramatic impact on your business a good broker, will know which of the 100 odd Finance Companies, to lead you to.
Avoiding wasting your valuable time by going to unsuitable companies for your specific requirements, market sector and turnover bracket. They will ensure you meet a senior long serving decision maker that you can rely upon, as opposed to a salesperson, who will not be there if you need help.
There are 3 main ways of arranging business finance or we can do a combination of the three. There is such a choice of Finance available today, that you now have the choice of what suits your company the best.
1) A Business Cash Advance
A Business Cash Advance is normally a short term advance over a period of 3 to 12 months.
The money can be used for anything at all; typically it funds a business deal or payment to a creditor. It is particularly helpful for seasonal businesses. Monthly interest rates are usually between 1.8% and 4%, an average rate is about 2.5% (an arrangement fee will apply).
Our clients sometimes use the Cash Advance, to pay for the deposit on Finance we have arranged for them for Asset or Property purchases.
What information is required?
The main requirement is your last 6 months bank statements
How long does the whole process take?
It varies on who applies for the business cash advance, with us, in 90% of cases we will receive a positive response within 2 hours with the funds transferred normally within 1-3 days.
How much can the Company get a business cash advance for?
Up to 60% of your monthly turnover or 100% of your monthly turnover on PDQ (credit and debit card) sales: Typically advances are from £5000 to £2m. Higher amounts are available.
2) Raising Money From Your Assets
Asset Finance and Invoice Finance
Factoring and Confidential Invoice Discounting has changed dramatically in the last 20 years
We can tailor make a bespoke, flexible finance package to suit your business requirements.
Before you sign up with a Finance House, call us first, you have nothing to lose !!
The challenge is choosing the right Company, with so many to choose from, it’s vital to your Companies success to choose the right one.
What type of Invoice Finance can I raise from my Invoices?
You could choose to Invoice Finance, just 1 or several of your clients. Perhaps just a Government Authority or a client who is a slow payer and then collect the rest of your debts as normal, the combination is entirely up to you. They can even do your payroll, pay your Vat and Paye and do all your accounts, typically saving you 20-50% on your back office costs
In fact you can even have an old fashioned Overdraft facility of say 50-150% of the value of your invoices (for higher amounts additional security would be needed), for the Company to use as it wishes, whilst collecting in your own debts as normal, you tell us what would ideally suits your business, it definitely should not be the other way round.
The Right Company
Will become a real Finance Business Partner, backing and supporting your business through trust and helping beyond expectations to assist the business in controlled growth and profitability
- They will know and understand your business sector well
- Your company sector and turnover, will comfortably fit in with the bulk of their clients, why would you go to a mass provider, where you are just a number and have no access to a decision maker?
With Invoice Finance, the wrong choice is usually made, for three reasons.
- The key questions asked were, cost and percentage advanced
- The Finance Company or Bank is well known, this has its advantages and disadvantages, if it is to big it is unlikely to offer you an arrangement, specifically designed for your requirements.
- The contract was signed due to the influence of the person who represented the Company, but who has no control over the handling of the account.
We would strongly recommend meeting a key decision maker or Director, who will have ultimate control of your account, let’s face it, if that is difficult now it will be it might be impossible, if you need to.
Where we can help
* You will meet a Director or senior business decision maker who will always be available, to you, to discuss the unusual request that occurs in most businesses. They will be empowered to make decisions.
* The Finance Company will know and understand your business sector and will not be guided by market fluctuations.
* Fees will be fully disclosed. Some of the supposed “Cheaper Headline Finance Houses” have less easy to see, disbursement charges and minimum fees.
* Protecting Your Brand/Name. Your chosen Finance House should have a real belief, in enhancing your Company Name, through good practice. We have seen far too many cases of clients being upset by collection practises
* An ability to tailor make client debt collection for specific companies. Our most often heard complaint is over the collection of debts and the problems that arise.
* No concentration clauses. In many cases, a deal is signed and then the Directors find there are concentration clauses and low credit limits for major companies.
3) Borrowing from your Balance Sheet
We can help you arrange a Business Loan facility
A correctly filled out application form, taking into account and addressing what appeals to a specific lender, will influence rate and acceptance, whilst saving your valuable time.
“The devil is in the detail”
The ability to speak direct to the underwriter or ultimate decision maker, to explain certain issues, can have a dramatic effect on the outcome of the application.
If you are looking for flexible and bespoke Finance, we can have this in place as quickly as you can supply the information, or have everything ready when your time comes to renew your current policy, for a seamless change in Companies.
We have been helping clients for over 25 years, to discuss this further, please pick up the phone and call Mark Smillie 0800 612 5364