In the light of the uncertainty around Brexit, The Business Finance customers are reporting that even established, trading businesses are increasingly being turned down for finance by their own banks. When funding is available, bank interest rates are often significantly higher than they have been in the past. With access to over 100 of the UK’s largest accredited lenders, The Business Finance has a wide range of options available.
Following the last few years for small and medium sized businesses in anticipation of Brexit, The Business Finance experience of working with thousands of businesses across the UK indicates that economic uncertainty is resulting in even more difficulties for some small businesses to access funding from their high street bank. Banks’ lending criteria are too restrictive High street banks make lending decisions based on the performance of a business, as well as their exposure to and view on the future performance of specific sectors. This can affect the lending criteria for strong businesses operating in sectors that are out of favour with their bank. However, as the alternative lending sector has matured many different options now exist for businesses, including products like peer-to-peer lending which allow lenders to target specific sectors and business types that they want to lend to. Growing and stable businesses can therefore find that in some cases better terms are on offer from alternative lenders than they could achieve through high street banks.
If your business is considering applying to your bank for finance, give The Business Finance a call!
We will be able to advise which lenders will offer you the best rates.
Our simple and effective process means we can usually get the funding you need within 24- 48hrs, whereas bank applications can take several weeks