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Finance for Business

There are many different forms of finance for business and many different types of business. What works for one organisation may not work, or even be available to, another sort of organisation.

Here is a summary of the main forms of funding available to commercial organisations, with an indication of where they are most suitable and of their eligibility criteria.

  • Grants – These are available from the government or other bodies. Access is subject to strict criteria such as size and type of business and location, and competition is fierce.

  • Personal Loan – Borrowing from family and friends can be an inexpensive and flexible source of finance for business. But it can also create difficulties when informal arrangements breakdown or someone wants their money back at short notice.

  • Bank Loan – Borrow from £1000 upwards on fixed or variable rates and on a fixed repayment schedule. The lender will want to see at least two years of accounts and a good credit record and they may insist on securing the loan against assets.

  • Commercial Mortgage – Loans for purchasing property are usually for a minimum term of 15 years and subject to stringent eligibility criteria and credit checks. They also require a deposit of at least 25% of the property value.

  • Bank Overdraft – This common finance for business solution is flexible but can also be relatively expensive. It should only be regarded as a short term solution because the facility can be withdrawn at short notice.

  • Business Credit Card – To obtain a credit card a business usually has to demonstrate at least two years of profitable trading and have a good credit record. This can be a useful, very short term finance solution but can also be extremely expensive.

  • Asset Based Finance – Business have assets: stock, plant and equipment, land and buildings. These represent a cash investment but that investment can be unlocked through financing.

  • Invoice Finance – The sales ledger represents future income - money that has been earned but not paid. Invoice finance releases this cash into the business up to 90 days before the customer pays. Any business with commercial customers that offers credit terms of at least 30 days and has a turnover in excess of £100k could qualify.

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Advice on Finance for Business from Touch Financial

We have years of experience of helping UK organisations find the right answer to their funding issues. Not only has our service helped them to indentify a cost-effective solution, working with us has not cost them a penny.

We are the UK’s leading commercial finance broker, matching funders with those looking for finance. Our fees are paid entirely by the funders and because we pride ourselves on our independence, we are structured in such a way that our advisors can make impartial recommendations.

Before looking for solutions our advisors spend time listening to customers in order to understand their needs. Then they work with our panel of carefully selected funders, including some of the UK’s major commercial organisations, to find the most suitable finance products.

Our customers then make their choice with the benefit of our knowledge and experience.

If your organisation is looking for finance for business and needs a helping hand through the maze of options, why not get in touch with us for a no-obligation consultation? Or complete our online quotation form to see how much money you could unlock.

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