Business finance can seem hard to come by for growing businesses or start ups. Banks criteria has changed passing the need on to alternative funders like ourselves. However, this doesn’t mean that money isn’t available. Great ideas still get funded, but you need to think carefully about the kind of investment you’re going to take on. The terms of the funding on which you’ll take it and is it the correct type of business for you and your business. The past years have seen a number of alternative business finance products land in the UK market.
What is Business Finance
What is business finance? business finance is any type of funding that a hight street bank or alternative lender my offer a commercial enterprise with terms. Mainstream business funding is great for many larger businesses but sadly the banks have criteria which small businesses cannot meet so alternative business finance arrived to meet their needs.
Over the past 15 years alternative business funding direct providers were hard to find, and might have had a specific product or sector they specialised in. Here we are in 2019 there is a huge variety of funders available and lots of different funding products. This makes it easy to find the right funding product that’s right for you. Alternative funders are also much faster than the bank.
Even if you’re knocked back by your bank the first few times, you should have confidence in your business idea. Some of the world’s biggest companies struggled to secure business finance in their early days, but if you’re sure of your product or service.
Sources of Business Finance
PDQ Funding work hard to support businesses or entrepreneur that have an alternative requirement for finance. Business funding from ourselves may not viable for a number of reasons, we do fund 90% of applications though! However, there are numerous other funding routes you can go down to get your business up and running such as:
- Crowdfunding – funding the venture by raising money from a number of people.
- Friends and family
- Bootstrapping – using your own financial resources.
- Asset-based lending – business loan secured by assets.
- Equity financing – raising capital through the sale of shares.
- Business angels – wealthy individuals who invest in start up companies.
- Peer-to-peer lending
- Business accelerators – organisations that take a share of equity in return for initial funding.
365 Business Finance
We offer business finance 365 days a year. As a leading online finance provider we never close our doors to business. Enquiries are dealt with even on weekends so you can be sure you get a reply. Business finance can be vital to help businesses reach their goals, but applying for credit isn’t always as straightforward as you would like. Our business finance support team are here 365 days a year to help you get the finance you need for your business.
Regardless of whether your business is looking to fund current activities, or is looking for finance for equipment, then PDQ Funding should be your first port-of-call for competitive rates and an easy application.
Business Finance Solutions which support your cash flow
Sometimes you might find that your business needs a little extra working capital. Whether you’re trying to establish yourself in your first year or you need funds to expand. Business just sometimes need funding to see you over a quiet period. We understand that acquiring Small Business Funding can be a daunting experience.
When we talk about a business finance solutions, we’re usually referring to either secured loans or unsecured business loans. Secured business finance involves companies offering collateral to a lender, usually assets such as commercial properties, vehicles and equipment, whereas an unsecured business loan carries no such stipulations.
This flexibility makes unsecured loans hugely attractive to firms still growing their operations, particularly if they don’t yet own or can’t afford to risk losing assets.
Unsecured business loans can have countless applications for enterprises both large and small. From paying suppliers to expanding your product range, from sustaining your current workforce to hiring new staff capable of enhancing your profits. There’s no end to the possibilities that these Business finance solutions can open for your company.
We also understand the hard work and difficulties that is required to gain business finance solutions in the first place. Banks routinely reject funding applications leaving many small and medium sized businesses with cash flow problems and missed business opportunities.
There are so many funding solutions in the UK growth and finance space right now, its so easy to compare merchant cash advances if this is a type of cash flow support you may with to explore.
Merchant cash advance for business funding
Our business funding partners 365 Business Finance & Liberis Business Cash Advance, like ourselves have a lending criteria usually been trading for six months or more. Card turnover of £5,000 or more each month via your PDQ card payment machine.
Merchant cash advances are by far the most common form of alternative business cash advance. This is because the payments technology makes it very straightforward to track. They’re designed specifically for merchants with card payment terminals. Businesses that take payment using a PDQ card machine. The lender then works with your merchant provider to be directly involved with each transaction.
The merchant loan advance amount is usually based on the average monthly turnover.
Before even considering any type of business funding option, you need to know if your business is physically eligible. There is a general criteria which we follow to review eligibility and in order to get funded by a cash advance. There are a few important pieces of documentation we require.
The team at PDQ Funding will need proof of 3-6 months worth of bank statements. 4 months of PQD card machine merchant statements. A minimum of £5,000 total card sales per month.
For any business, these requirements are very minimal. We would recommend having the documentation in place and to speed up the onboarding process. Owners of businesses will be able to provide us with each of these pieces of documentation with relative ease and we need this for eligibility purposes.
Flexible Business Funding
The main advantage of merchant cash advances specifically is that once they’re set up, they require very little oversight. There’s no monthly repayment to worry about. This is due to every single transaction pays down the debt, and you’ll know the total cost from the beginning. This makes our business finance flexible and fast!
Business owners often find that the funding repayments are flexible and seamless. This is because rather than putting money aside you just carry on as normal, and the advance is automatically repaid as a percentage on each transaction.
Most merchant cash advance providers offer an online login where you can see the status of your advance. Once half the cash advance for business has been repaid you can apply for a top-up amount.
Business Finance Broker
PDQ Funding are the UK’s leading business finance broker, a merchant cash advance for business, is just one business finance solution we offer. If you feel a MCA can support your business, its so simple to get started. Simply complete the online enquiry form. Once it has been received a business finance broker specialist would contact you. You can discuss your companies needs and ask any questions you may have.