Whether companies are looking to grow, consolidate or just survive, the old maxim that “Cash is King” rings as true now as it ever will. A recent article in the Daily Mail has shown bank lending to businesses fell by around £5bn in the period December 2012 to Feb 2013. According to the Bank of England, this represents a 4% fall against the previous period. Further figures have shown that current lending figures to SMEs are down by 3.1% overall on last year, and by a massive 15.4% over the last four years.
These figures have been accompanied by the usual claims and counter claims, with the main high street banks insisting the demand for loans has reduced, whilst SME’s claim the banks are refusing the applications.
Whatever the reasons are for the reduction, it would appear it is not due to a lack of appetite. Bank managers I have spoken to all point out an eagerness to lend to the right business, whilst the majority of independent finance companies all seem to be buoyant at the moment. The key is finding the right type of lender for you, and making sure you approach them with the correct information and a clear business plan when required.
Whether it is factoring, crowd funding, bank lending, independent loan companies, asset finance, angel investment, or Selective Invoice Discounting, the options are all there. For many of the companies that we talk to, the issue is accessing cash quickly, efficiently, and for short periods of time without been tied into a long term arrangement. Through Selective Invoice Discounting, we help companies mage their short term cash flow blips, as and when they occur.
Click here to talk to us about how we can help your business access the cash it needs to succeed.
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