The best place for any SME to go to raise finance is their own Bank. You will have a track record with them and they will in most cases be the least expensive option.
But where can you go if your Bank says No?
There are many alternative sources of funding if you know where to look.
UKBA and its associates have over 650 alternative sources of finance for SMEs on our books.
Independent and alternative sources of finance for your cash flow or growth challenges include:
- Invoice Discounting & factoring:We have 56 independent providers on our panel and love putting them in competition with each other to get you the best deal.
- Single or Selective Invoice Discounting: If you only want to occasionally sell one of your invoices and do not want to sign a full ledger deal, then this type of provider may be the answer to your short term cash flow problem.
- Debt Crowdfunding: Growing in importance and popularity all the time, this is most probably the quickest way to raise finance. Most facilities are normally completed within 3-4 weeks. 6 months to 5 year loans can be arranged for sums from £5,000 to £1m. We work with the 4 largest providers.
- EFG loans: (Enterprise Finance Guarantee Loans) These are government backed loans, not only from Banks but also the 20 non banking providers.
- Trade Finance: Once again from the major banks but also from the many independent trade finance houses. This is funding for confirmed orders that you have, but cash flow does not enable you to fulfil them.
- Stock funding: In the past very difficult to come by but a few new lenders have emerged.
- Sales and leasebackof already owned assets to help buy additional assets or just to ease cash flow.
- Short term debt finance 1: from £10,000 to £100,000 for a few weeks or a few months
- Short term debt finance 2: Based on an advance on your credit card sales
- Turnaround Funding: This is for companies in distress and can be available from specialist turnaround angel networks.
These are just a few of the types of finance that are available. For additional information on alternative sources of finance and when they should be used download our Funding Options whitepaper.
UKBA is your one stop shop for all your cash flow and funding challenges. Across the country we have, experienced Business Advisors who can help you to identify funds and grants to suit your needs. To set up a confidential meeting either in person or over the phone contact us or call 0333 444 8522 (local rates.)