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Funding sources for business growth

Whether you are looking to scale-up, purchase new equipment, expand into new premises or take advantage of exciting growth opportunities, there are many funding possibilities you can consider. While a plethora of grants and regional funding options exist, almost all of them are for very early-stage development rather than growth, so where can you turn to look for financial support?

Business Loan

When it comes to business loans, there’s a lot to bear in mind. With a wide range of loans on the market and various products designed for speed, short terms, growth projects, or small businesses, it’s hard to know where to begin. If you’re thinking about getting a business loan, make an appointment with an expert who can talk you through the huge range of options, so that you don’t get overwhelmed or caught out.

You might want to look at companies which allow you to get a business cash advance, which means that you pay an agreed fee and repay loans as a percentage of your monthly sales. One example, Business Finance 365 allows you to raise between up to £200,000 in unsecured finance and explain that you only pay when your customers pay you. This means that when your sales are down, your repayments are lower.

Invoice Finance

Invoice finance is often packed with technical terms which can make it hard to understand, however, if you regularly invoice businesses, you could be eligible for invoice finance — one of the best ways to ease cashflow problems and get paid faster for completed work. This is because it is a way of borrowing money based on what your customers owe to your business. So rather than waiting days or weeks for your invoices to be paid, lenders can advance you most of the invoice value immediately.

You can choose your provider based on price to get the best deal and by having a facility away from the bank this gives you greater control over your business finances.

With Invoice Finance, the worry about a customer not paying is taken away. The Invoice Finance provider can collect the debt on your behalf, and once the invoice is raised you are given up to 85% of the invoice value, minus a small fee, following the remaining 15% once the invoice has been paid in full.

P2P funding

Peer2Peer lending is a funding method that has arisen from the social media age – it allows people to invest their money through the peer to peer platform for a higher return than standard bank investments. This can be a great option – you can often repay early without incurring a fee and there is often no cap to the amount you want to borrow. On the flip side, interest rates to the customer can be quite high and you must pay a fee to the peer to peer company for arranging the facility. Make sure you check all the costs.

Crowdfunding

Crowdfunding has become one of the most popular methods to fund a startup, but it is also a viable option for companies seeking growth funds to get to their next stage of development. Crowdfunding can be a quick and simple way to access finance for your business. It has the advantage of tapping into a panel of unconventional investors who are happy to finance businesses who may be looking to launch something more radical.

The main downside to this type of financing is that you, as the business owner, will be sharing your ideas with investors who potentially could take this idea and pass it as their own.


If you want to learn more about how to access funding to scale up your business, why not attend the free workshops at the biggest business event in the North of England? There’s also a variety of providers who can discuss your situation and the funding available to you, an unrivalled networking opportunity and a line-up of inspiring keynote speakers. 

It’s at Manchester Central, is free to attend, and is on 17th & 18th March 2020. Get your free ticket online now to secure your place!

 
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