Posts

What is Fusion Retailing and Should You Try it?

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Transforming a business into a one-stop provider makes good business sense. Modern consumer behaviour and expectation of instant gratification means consumers demand convenience in everything they do.

With the rise and adaption of mobile communication and browsing technology, consumer habits have also changed. Increasing numbers of people ‘shop on the go’ – they don’t want to go to different stores and shops to get what they need if they can see what is available on a little screen.

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I’ve Been Rejected for a Commercial Loan… What Next?

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Being rejected for a commercial loan from a bank can be a demoralising experience, but it’s one you shouldn’t take personally or allow to dampen your enthusiasm. After all, any successful business owner is going to need a pretty thick skin, especially when it comes to matters of finance.

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How to Pick a Loan Broker

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Choosing a business finance broker is a difficult task, because from the outside they all look the same. Whether you’ve been trawling the web looking for a loan broker or you’ve met one in person, how can you be sure they are trustworthy? When you’re making a big financial decision you want to know you’re receiving professional advice and getting the best possible deal for your business.

A broker understands the evolving world of business finance, and has positive relationships with a range of lenders. They can also introduce to new opportunities you may not have considered, including a variety of alternative finance solutions.  With the right loan broker, you could simplify your options and make sure you choose a competitive finance deal which is right for you. The term loan broker can be quite daunting for many people, especially if it’s the first time they are applying for long or short term finance. Some bad apples in the industry may have given loan brokers a bad name, however as specialists in financial solutions, they can do all the work for you to find you the best deal. Whatever you need a loan for, take a look at why you should consider a financial broker. Read more →

Is it Getting Easier to get a Loan?

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The UK economy is very volatile at the moment, which has a direct impact on the banking sector. With the instability surrounding Brexit, lenders are generally tightening their strings and restricted the amount of finance they’re willing to give to British businesses. Inflation has also been rising which is another concern, as higher household costs and business expenditure often leads to an increase in debt.

High street banks have been reducing eligibility for some time, especially to new businesses in desperate need of capital. This has led to a booming alternative finance market, offering what banks would deem ‘high risk loans’ to start-ups and businesses without years and years of accounts. So, is it getting easier to get a loan? The answer depends which lender you’re applying to.

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Loan Matching: How to Find the Perfect Loan for You

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If you need a business loan, it can be really challenging to sift through the vast amount of information and criteria to find the right type of finance. First of all you need to decide which type of loan is best for your business, and then find a reputable lender guaranteed to accept your application. On top of all that, you also need to understand the pros and cons of lending from a bank or an alternative finance platform.

It can seem like a never ending maze, but help is at hand. Here are some ways to ensure you find the perfect business loan.

Impartial Advice

First of all you shouldn’t seek advice from a business or organisation which is offering any type of lending service. While they may be experts in the financial market, they could try and persuade you into a decision which benefits them instead of you. There are plenty of places where you can get impartial advice which is tailored to your personal situation and business. Government organisations such as the Money Advice Service has lots of online resources and offers free advice. You could also hire a financial advisor to help you make important decisions.

Define the Purpose

It’s really important that you define the purpose of the loan before going any further. Business loans differ from personal loans because you will have to state exactly how the finance will be used. The purpose of the loan could also dictate the type of loan you apply for, for example a commercial mortgage is specifically for property investment, while asset finance must be used for purchasing business assets. Make sure you have done some research and know exactly how much you need to borrow.

Finance Broker

Once you have a better understanding of the range of business loans available, it’s time to find the right lender. A commercial finance broker can act as a matchmaker, pairing you up with the ideal lender. Not only could you benefit from their market expertise, but a broker will save you a lot of time searching the web and making phone calls to a number of different lenders. When it comes to loan matching, brokers know best.

When it comes to commercial finance, there are so many options and it’s easy to feel overwhelmed. It is possible to find the perfect loan for your business, just be sure to do lots of research and don’t rush into any decisions.