The Business Finance Guide – worth a read!
The Business Finance Guide is published by the British Business Bank and the ICAEW’s Corporate Finance Faculty and is worth taking a look at. It can be accessed through the bba.org.uk website.
It provides various businesses with the opportunity to find out about a range of finance options and where such lending can be sourced. So many businesses are set up with the likes of family support, the proprietor maxing out on their personal credit card or with the help of an overdraft facility. However, there often comes a point when a business requires more structured lending such as a business loan or a commercial mortgage.
Historically, such borrowing has tended to be sourced from the bank where the business maintains its current account. However, over the last few years, other business finance outlets have come to the forefront such as specialist business lenders, peer to peer lenders, business angels, invoice finance and merchant cash advances. Information about all the above and many more lending options can be found in the above guide.
One of the things that the guide does stress is that a business should consider obtaining independent financial advice before committing to a particular finance option. There are also various sources of support here in the UK such as through the Government, the British Chambers of Commerce, British Bankers’ Association and the Federation of Small Businesses.
There are many commercial mortgage brokers here in the UK who can help their business client obtain suitable finance tailored to their business’s individual requirements. No longer does a business’s bank need to be the first port of call for obtaining finance with so many lending options available. It pays to shop around to try to obtain a competitive, suitable business lending package. In this respect, why not get in touch with Commercial Mortgage Link for some impartial guidance as to the most suitable lending scheme.