Be Aware of alternative business finance

Historically, companies have turned to their local bank manager to secure funding for their business.

According to the British Business Bank 2017 Business Finance survey, 37% of SMEs approached their main bank as the first port of call when they realised they needed funding.

This was not always successful.

Many will have been declined a loan from their bank through lack of security or length of trading time etc. What wasn’t always clear to those businesses, however, was that there are alternative unsecured business loans that they could turn to.

The likes of providers such as Funding Circle, however, are gradually changing businesses’ perceptions of options available to them through their increasing profile and aggressive direct marketing.

Mortgage advisers also have an important part to play in increasing awareness. Every mortgage adviser – even if they are mainly a residential adviser – will have a large proportion of their database who run and own their own business.