It doesn’t matter whether your business is just starting out anew or whether you have an established business model that you rely on, the banks are saying no to the great majority of those who need the extra capital to get them going. It’s not easy to be an entrepreneur in a shaky market as it is, so when your possible financial help refuses to come forward and lend a hand, it can feel a little impossible to do more than the minimum for a business that you want to propel forward. If you are looking to see if you qualify for a small business loan in the UK, the post “10 best loans in the UK” is an excellent resource.
The good news is that it shouldn’t matter too much if a bank shuts you down. It is rather easy to find a lender that will be able to get you what you need – credit pending, of course – just by checking out the other avenues that would be more on your side than your bank manager seems to be. Instead of looking to the bank to fund your business capital boost, why not check out these alternatives?
Credit Cards. This isn’t a long-term solution to your financial issue when you need to move things ahead, but a credit card can make a big difference to you as it can provide you with the capital that you need at an instant. You can meet the capital needs of your organisation quickly, whether it’s taking clients out for a meal or using your credit card as a means to pay a deposit on a new office. Be careful with business credit cards though; if they’re not paid on time you could find yourself in a deeper hole with growing interest.
Small Business Grants. Many people overlook this particular method of gaining more cash for their business, but they really shouldn’t. Local governments often lend a hand to local businesses, as they pay into the area and they are an asset to the locality. Aiding them helps themselves, so it’s worth finding out whether there are any small business grants on offer for your business.
Private Lenders. Banks are not the only ones out there that have the means to help you, you know. There are plenty of payday and short-term lenders online who are just waiting to help you out. Always know what you’re signing on for before you put a signature on anything and work out when you can make repayments again.
Assets. Plenty of businesses are able to use their assets such as their equipment as security against a loan. There is money to be had in the assets that you are using on a daily basis, so don’t be afraid to look into it.
Business Angels. There are websites like this out there that advertise those with excess wealth who want to give a helping hand to those looking to climb up and further their own business.
These aren’t exhaustive when you need to access more capital for your business, but they are great ways to get the boost of cash that you need for your small business.
Founder Dinis Guarda
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