Where to search for funding help
SMEs could be getting tied into financial facilities that aren’t meeting their business’s needs because they aren’t gaining the full picture of what is available out there for them.
Not knowing where to look for new funding can be a huge stumbling block for businesses that feel they have no-one to turn to for help. But there are a number of avenues to explore that could open up a wealth of facilities more suited to your business.
Currently, half of SMEs turn to their bank manager for support when seeking a new funding facility, our SME Trends Index revealed. Whilst this is not surprising, a bank manager will only talk through the services that they could offer your business and not the full range of services available on the market. Therefore, businesses who fail to do their research could end up missing out on more suitable funding options that would fully meet their business’s needs.
With a wealth of information available at the click of a mouse, 23% of business owners now research their funding options online. This is a great way to gain an idea of what’s available, how different types of funding work, as well as an understanding of the different providers on the market. This can be a valuable tool when comparing different products and lenders, but shouldn’t be relied upon exhaustively. With so many funding options available, researching this way can be extremely time consuming and potentially confusing.
Tapping into specialist commercial finance expertise can help businesses to pin down a robust funding strategy that will work over the long term. Recognising that every business is different, a good independent broker will work with you closely to fully understand your business’s funding needs and challenges in order to identify the right facility.
Although no two businesses are the same, friends or other business owners may provide a good starting point when beginning your search. Likewise, the use of social media to recommend or review experiences has meant you can get a feel for a provider’s service before you commit.
Government websites also offer various forms of support and finance for businesses of varying sizes. This ranges from grants, government-backed finance products and loans, as well as various business support aspects, such as mentoring and consultancy. Only 7% of our respondents said they use this method of research.
If you’re searching for new funding for your business or looking to review its existing facilities, we can help. Contact us today on 0800 9774833 or email firstname.lastname@example.org to discuss the best solutions for your business’s particular needs.