Mike Coates, managing director of Aycliffe-based Commercial Expert, with some useful business advice…
Cash injections are often thought of as a way to finance a business emergency, a notion supported by banks being considered more likely to decline than accept unsecured borrowing applications.
However, increasingly more businesses are ‘in the know’ with the idea of a cash injection as a way to fulfil growth plans.
Cash injections are sought for many reasons, and furthermore are available for any legal reason. Perhaps you have a surprise tax bill or VAT deadline approaching? Perhaps a customer has delayed payment, affecting your cashflow? Or more positively maybe you have a fantastic opportunity to buy stock if you act quickly, or have ambitions that require investment in staff, software or marketing before you see any real growth?
If this sounds familiar, and you’ve been considering how to get funding, your options don’t end with your bank or well-known highstreet lenders. But you will need the help of an independent commercial broker to access the wide variety of lenders out there.
We recently helped a client who had a tax issue to deal with upon moving to a new accountant. Although the accountant eventually resolved the problem, in the interim there was an urgent HMRC requirement to pay and the client preferred to avoid the bank loan route. Our solution was quick and from a specialist lender the client was unaware of – and unable to find themselves.
If you feel your business is on hold and would benefit from new premises or new business deals (most businesses could argue they are in this position), don’t be afraid to see what an independent commercial broker would say yes to. There are many solutions for cash injections based on the strength of your business.
Change your mindset, and think of the changes your businesses could see by this time next year.
Managing director, Commercial Expert