August Round Up
Summer sizzles as we go into the cold freeze of Recession
The heatwave is here! Staffing costs and cash flow are a real problem for business owners over the summer months.
The current cost of living crisis and the economic downturn has high numbers of businesses looking to turn down the heat through business funding. Cash flow is one of the top concerns for small businesses that don’t have large cash reserves to turn to when finances are tight.
Invoice Finance is a perfect solution to manage cash flow. Invoice finance has shown a boost in popularity in the last three months. This lesser-known product releases cash tied up in outstanding customer Invoices weeks or months in advance of receiving payment. We have seen an increase in businesses preparing for the next 6 months to help cover the energy price rises set for October and buy stock ready for Christmas. Preparation is key when it comes to survival.
Now is the time to reinvest and strengthen your business with new machinery and equipment without having to outlay the full amount upfront. Alternatively, release funds in equipment already purchased to boost cash flow and grow. Ever popular Asset Finance is a great flexible funding solution helping your business access new assets without having to buy them outright, or release money from the value of existing business assets.
If your business uses card machines to take payments A Merchant Cash Advance could be a great way for you to take your business to the next level.
You could borrow as little as £1k and as much as £ 1 million
With short repayment times from 1 – 18 months
The repayments are taken directly by the card reader every time you put a transaction through a percentage that is skimmed off the sale.
You just have to have been trading for three months and have a monthly turnover of £1500. You can also only borrow two times the amount that you turnover a month.
With a 90% approval rating, what are you waiting for?
We provide free support for businesses. Our friendly advisors will discuss your business issues and suggest the financial product best suited to solve the problems faced over the Summer.
You can then get on with what you do best.
In other news
The full details of the Recovery Loan Scheme have been announced via the NACFB
Three key features;
Personal Guarantees will be taken, but the WON’T force the sale of your primary residence.
The fees and AER are capped at 19.99% the same as the last RLS scheme
No COVID impact required
Finer details;
Up to £2 million can be borrowed per business.
The minimum that can be borrowed for asset and invoice finance is £1k and £25k for term loans and overdrafts.
Wide range of products, including term loans, overdrafts, asset finance and invoice finance.
Businesses that took out a CBILS, CLBILS, BBLS or RLS facility before 30th June 2022 are NOT prevented from accessing the new scheme.
Guarantee is to the lender; the scheme provides the lender with a 70% government-backed facility after it has completed its normal recovery process. the borrower always remains 100% liable for the debt.
More Blog Articles
What Is Invoice Finance?
What Is Asset Finance?
What Is Bridging Finance?
The Strategy Behind Sustainable Growth
Sort Your Credit Score
