4 Tips for Securing an Alternative Small Business Loan
This year, many media sources have been reporting that high street banks are now once again lending to small businesses, approving more and more companies for a small business loan. However, while it’s true that lending to small businesses is up on last year, there’s actually much more to this story than meets the eye. Lending from high street banks is up, and yet it’s widely acknowledged that many up-and-coming companies are still struggling with rejection after rejection after rejection. ‘Our business finance system is not where it should be, and some of our most promising companies still struggle to get the finance they need to grow’, says Dr Adam Marshall of the British Chambers of Commerce.
As a result, we’ve seen a huge influx in applications for alternative small business loans, such as invoice trading or asset-based finance. However, it’s important for businesses to remember that, while approval rates for alternative small business loans are typically higher, it’s still essential that businesses plan, research, and prepare to give themselves the best chances of securing the funding they need.
Alternative small business loans are the solution many companies have been searching for, but it’s important to understand that, contrary to popular belief, approvals aren’t guaranteed! That’s why it’s essential that small businesses are prepared, giving themselves the best chances of securing funding.