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Embrace alternative financing.

It’s easy to be wary of things that we don’t really know about, whether that new products, new rules and regulations or if you are a business, new or alternative methods of financing.

In the good old days finance options were few, so the choice was minimal and simple, we understood the basis of a loan, we understood that maybe we could use our own savings and finances to run a business, although risky. Today there are so many options available in terms of types of finance, but due to the economic position of the country, things such as business loans are incredibly hard to get your hands one, due to the banks reducing the amount they lend and being incredibly stringent about who they lend to. Unfortunately in the past few years this has caused many companies to close down, liquidate and cease to exist. Some of the countries biggest institutions have closed their doors and stopped production because of the recession, which when we thing back to the glory days of industry when Great Britain was one of the biggest powers in the world, this is a sad state of affairs to see companies that featured in the public eye, such as Dunlop, Rover and others, close their doors.

OK, so we realise that financing options are broad yet on the other hand reduced, so what do you do as a company. When factoring steps into the lime light, people are very dubious about this new fangled way of gaining capital, yet actually compared to many other options, factoring is incredibly sensible. You are gaining capital you are already owed by clients but rather than waiting 90 days you can have it in 24 hours. You’re not paying interest on the amount that you receive, just a small fee to the factoring lender, and best of all that cash is with you incredibly quickly.

Never fear, factoring is here, and it’s here to stay and assist SME’s raise capital to allow their business to continue.

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