3 tips to help you get commercial finance for your business
Cash is the oil in the engine of any growing business. However, gaining access to funding is not always easy and can be time consuming. Here are 3 ways to improve your chances of getting the funds you need.
- Make sure your personal finances are in good shape
Lenders will factor in your personal credit history when determining your risk level as a borrower.
Look at ways of improving your credit score. According to Credit Sesame, your credit score is made up of the following five factors: payment history (35 percent), credit utilization (30 percent), credit age (15 percent), account mix (10 percent) and credit inquiries (10 percent).
- Think ahead
The approval process can take weeks, if not months to unfold. That’s why it’s best to start the process as soon as you can. Don’t wait until you need the money; it may affect your options.
- Use your business support network and over prepare
Work with your accountant and business adviser to produce a workable business plan.
The lender will want to know exactly how the money will be used to determine the feasibility of your application. Take advice and get all the paperwork together. Know your numbers. Demonstrating organisation will show you are a good risk.
Beresfords can help you access finance from over 100 lenders.
We have partnered with Capitalise to help find, compare and select the right lending for their clients from the wider funding market.
In as little as 3 minutes, you’ll be presented with a range of specially selected partners who can provide you with the funds you need and have a proven track record of successfully funding similar businesses within your sector.
From asset finance, invoice finance and trade finance to merchant cash advances, working capital loans and property funding, call 01303 850992 and we will be able to get an answer on your requirements.