As we head into summer with restrictions lifted many people are looking forward to some well-earned time off. But, for many small businesses either just reopening or seeing sales levels increase as the economy opens up, the end of restrictions brings with it an additional burden at a time of year when cash flow can often already be stretched. Add in the start of Bounce Back Loan repayments, the tapering of the furlough scheme and the return of business rates and rent and many small business owners are looking at a potentially rapidly escalating cash flow problem. That’s where Asset or Equipment Refinance can really help.
Asset Refinance is an increasingly common and popular funding method, enabling businesses to easily and quickly access working capital, consolidate existing debts and improve their cash flow. By unlocking cash from existing business assets such as machinery, vehicles or other tangible equipment small business owners can quickly access cash to boost cash flow and alleviate funding pressures.
An Asset Refinance facility is not just for businesses that are struggling though. Asset Refinance can be used alongside traditional Hire Purchase and Lease finance facilities to preserve cash within a business when acquiring new equipment, machinery or vehicles. By using assets the business already owns (or has equity in) deposits on new facilities can be minimised or sometimes replaced altogether, making Asset Refinance a very flexible funding tool.
A good commercial finance broker can help you understand the different options available – the National Association of Commercial Finance Brokers (NACFB) keeps a list of member brokers at findsmefinance.co.uk Alternatively, to speak directly to a decision maker at a family-owned, independent lender that is small enough to understand the problems faced by owner-managed businesses whilst having the capacity to help and the flexibility to structure a solution to the specific needs of each business why not contact us today ?