Where to search for funding help

26/06/2020

It’s important to explore all the options when looking for new funding for your business, and there are plenty of people who can help you make the best decision.

Without the right level of insight and guidance, there is a risk that businesses could get tied into financial facilities that fail to meet their business’s needs. Gaining the full picture of what is available, however, can help you to make a decision that works for your short, medium and long term needs.

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.

Bank manager

Many businesses still view their bank as the first port of call when looking at funding options. Whilst this is a good first step, 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 further research could end up missing out on more suitable funding options that would fully meet their business’s needs.

Search engine

With a wealth of information available at the click of a mouse, another popular way to research your options is 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, and is a free and easy way to expand your funding knowledge.

The internet can be a valuable tool when reviewing different products and lenders, but shouldn’t be relied upon exhaustively. Not only can this research be time consuming and potentially confusing, it is also harder to verify the authenticity and experience of different funders.

Independent broker

Tapping into specialist commercial finance expertise can help businesses to pin down a robust funding strategy that will work over the short and long term. 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.

As well as their expertise, talking to a broker also gives you insight into the full market of funding options and can lead to lenders and funding facilities you might not have come across, who can provide exactly what you’re looking for.

Friends

Although no two businesses are the same, friends or other business owners may have had experiences with certain funding products or lenders, so could therefore 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

Government websites also offer various forms of support and finance for businesses of varying sizes, and these are often adapted and tailored for the current economic climate.

The support offered ranges from grants, government-backed finance products and loans, as well as various business support aspects, such as mentoring and consultancy.

If you’re searching for new funding for your business or looking to review any existing facilities, we can help. Contact us today on 0800 9774833 or request a call back to find the best solutions for your business’s particular needs.