There are a wide range of misconceptions about business finance which stop small business owners from sustaining and growing their businesses. Here are some that we often come across:

1. Businesses only need finance when they are in trouble

Not true, finance can be used to fund growth, purchase equipment and machinery, take on more staff or smooth out cash flow.

2. Finance is costly

Whilst borrowing means paying interest, there can be a cost to not borrowing in missed opportunities, growth etc. Lots of business owners put personal money into a business which has a cost in that they don’t have that cash to use for something else or for emergencies. They are also personally liable for any personal borrowing they do on behalf of the business.

3. My business is too small or too new

Different lenders have different criteria and many, including us, will fund smaller and younger businesses that others might not. There’s a lender for every type of business circumstance!

4. My business had problems in the past so it won’t be approved

Again, different lenders have different criteria and many, including us, will fund businesses with impaired credit histories that others might not. There’s a lender for every type of business circumstance!

5. Applications are time consuming

They can be but shouldn’t be. We make sure we only ask for key documents and use technology to speed up our underwriting process. Whilst a human being will always review the application, to ensure it is judged on it’s merits, we aim to provide an answer within 2 working days of a full application being received.

6. The bank is where I should go for finance

Many people assume this, but it often isn’t the case. Using the services of an established commercial finance intermediary (Guild of Finance Professionals) or broker (NACFB) who knows the market and can put together the best application for you will not only save you time but can also signpost you to other types of finance you may not have considered.

So whether your business is struggling or flourishing, evolving or expanding, business finance could be the solution. Have a look at the services we offer Services – Genesis Asset Finance