Alternative finance could hold the key to funding and expanding your business. For many small business owners, access to large funds from traditional lenders can be somewhat restricted for future planning. Is your business one in three that have reported difficulties in securing business loans?
For example, many banks will only lend to businesses that have been open for at least two years. You may also have to submit a formal business plan, have a good personal credit score, and show that your business has collateral (such as equipment, supplies, or invoices) to qualify. Alternative lenders enable you to make capital available for the wider variety of business owners out there. There may be a minimum credit score, but it’s often lower than the bank’s requirement. Alternative lenders also might not ask for a business plan and only require you to have been in business for several months.
The alternative funding approach is proving particularly popular with startups. Businesses under five years old are as likely to select alternative finance methods to secure capital as approaching banks. This is key for direct investment in businesses, including stock purchase, expansion & refurbishment funds and equipment purchases – not only that, alternative funding is potentially accessible at a faster rate than your traditional loans.
In addition, if you’re a business owner aged under 35, then the news just gets better for you! Owners within this age bracket are more likely to place their confidence in alternative financing as a way to reduce their reliance on banks.
This method can be unique and tailored to your needs, through it’s flexible and fast nature – what’s not to love? It has the potential to help not only you and your business, but thousands more!
As such, Aurora Capital are funding consultants, assisting UK businesses raise the necessary capital they require to facilitate future plans in the company. We have access to 15+ different lenders in a range of different lending markets, enabling us to source the most competitive solutions for your business. Not only will we strive to source the most competitive offers, but we can advise you on the best product for your business moving forward.
Enhancing this opportunity, enables us to prioritise education and collaboration to successfully secure the livelihoods of small UK businesses.
If you would like to get in touch and find out more information on alternative funding, please call the team on 01371 870 815 or email email@example.com– we’re more than happy to help!