Sourcing the Right Commercial Business Loan
If you’re looking for a commercial business loan you’ll find plenty of lenders keen to promote their own products to you. Where you need is an independent view to help guide you on the right type of finance to help fuel the growth of your business. An independent broker can also give you a view on the market, introduce you to a lender and could also help you secure a favourable rate or special offer, which isn’t uncommon for large commercial finance brokers.
Looking for a finance solution is a task that often sits outside the core skills of a business, particularly a smaller one. Restrictions such as a lack of market and product knowledge could really hinder a business in finding the right finance solution. Which is why it is vital that if you are looking for finance, you take good advice.
Independent commercial finance brokers, such as Touch Financial, specialise in matching businesses with lenders. Good brokers have relationships with a network of finance providers, from the major banks to small boutique operations. Touch is a good example of this as we work with over 20 of the UK’s leading lenders.
How Brokers Can Help You
Finance brokers help you decide which type of commercial business loan will give you best value, such as a simple overdraft or a fixed-term loan. They will explain how modern asset based lending solutions, such as invoice discounting, work in practice.
The process of working with a broker is typically this:
- You make contact with a commercial finance broker.
- They discuss your needs and take the time to understand how your organisation works, and its current situation.
- The broker puts together a tailored finance solution and introduces you to potential lenders.
- You work with the lenders and broker to finalise the package.
Alternative Forms of Loan
Brokers may suggest that you use an alternative form of commercial business loan, such as invoice discounting. This flexible, cost-effective way of borrowing money requires no security, and keeps you in control of your borrowing.
Invoice discounting works by unlocking the cash that’s tied up in your sales ledger. At any point in time you might be owed the equivalent of two or three months’ sales. What difference would it make to you if that money was paid the moment it was invoiced?
Another alternative to discounting is factoring. It’s similar, but has the added benefit that the lender also takes over your credit control, freeing up valuable time that you can use to focus on business development.
Find out how much you could release from your sales ledger instantly online >>
Contact Touch Financial Today
We’ve saved thousands of businesses this year alone save time and money by finding the right finance solutions, such as a commercial business loan. Independent and impartial, we work with some of the biggest UK lenders, and we’ve got access to exclusive rates and offers.
The Touch Financial team is more than happy to assist with any questions you’ve got about commercial finance. Give us a call and find out what we can do for you.
Compare factoring quotes instantly online >>
Also in this section:
- Understanding and arranging a business loan
- Benefits of a business loan - business loans uk
- How to get a commercial business loan
- Secured business loans
- Choosing the right business loan - fixed rate business loan?
