While businesses are left reeling in the wake of the Coronavirus pandemic life has become pretty scary and uncertain for many of us. I know, I am a small business just like you, navigating new landscapes.
With so many moving parts, and the goalposts changing daily, it’s hard to know where to go from here.
Help is at hand.
While the finance market is also finding it challenging, there is good news:
Funders are open for business and are looking for opportunities to support SMEs like you.
Finding the right finance solution for your situation is the key to a successful relationship between lender and borrower. Before you ask for money, it’s wise to be clear on what you need the money for, how it will be distributed and most importantly, what can you afford to repay?
You do not want to waste the money you have borrowed on a quick fix and then have problems repaying the loan. This helps no-one. While it may feel like your business needs a sticking plaster right now, you also need a long-term strategy for sustainability.
What are the practical things you can do today?
1. Identify what you need to do next: Be clear on your next steps.
- Can you pay your employees? You’re going to need them, so try and retain them where possible. The government is offering help for employers: https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses
- Can you pay your suppliers? Again, you’ll need them so explore the Coronavirus Business Interruption Loan scheme. There are 39 different lenders supporting CBILS and we can help you choose the right one for your needs. How do I apply for the Govt Coronavirus Loan?
- Do you need cash flow, investment and fast? The bank may be your first port of call; otherwise, it’s time to find a reputable finance broker to help you identify your borrowing options.
A good independent broker will be able to source a variety of options for you and provide a detailed breakdown of the most suitable solution for your needs. Usually, they will not ask for a financial commitment until the deal is complete and you are not obligated to take any of the finance options they offer if you decide they aren’t right for you.
2. Don’t panic Mr Mannering! Gain clarity on what opportunities are open to you.
Easier said than done, I know, but the more clarity you can muster the better chance you will have to identify where the opportunities are and how you can take advantage of them.
Can your business keep going as it is? Do you need to pivot? Go online? Offer different services or products? Can you leverage your network to work together on a new offering?
There’s so much to think about I know, but once you know where you’re going, you can be focused, driven, and determined to get there.
3. Ask for the financial help you need.
While the government contributions are a welcome relief, you’ll need a long-term strategy to get you back in the game for good.
Working with a finance broker will give you the stepping-stone you need to keep your doors open, employees on the payroll and suppliers happy.
With access to a broad range of lenders, the options are varied as they are broad.
- Unsecured Business Loans
- Secured Business Loans
- Invoice Finance
- Asset Finance
- Commercial Mortgages
- Merchant Cash Advances
For our full list of options and more information click: https://www.smefunding.uk/services/
Contact us today
SME funding UK Ltd is Authorised and Regulated by the Financial Conduct Authority – FRN: 772970
We are a Member of the National Association of Finance Brokers (M/0122/16)
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Please note SME funding UK Ltd are brokers and not a direct lender.