With lower corporation tax, extension of the business rate relief holiday, R&D tax credits and a range of support for entrepreneurs and enterprise, the government has taken action to inject life into UK business.
To take advantage of these opportunities, as always, money is king. As traditional lending avenues remain restricted, gaining access to additional funding can be difficult, however businesses can still raise finance in the form of a commercial loan.
In the past commercial finance has gained a reputation for being complicated. As a result, many brokers don’t provide this option, and, in turn, are missing out on valuable sales. In reality, commercial finance from specialist lenders is far from complicated and offers a quick, easy alternative to traditional lending options.
Not only is the process quicker, but it’s also less restrictive. Specialist lenders have acknowledged that not all customers are the same and require a different plan/product assessment to provide the right finance solution.
This comprehensive criteria allows lenders to consider securing a commercial loan on many property types including residential, semi-commercial, commercial property and land, and many income sources - ranging from employed, self-employed and sole traders to partnerships, limited companies and pension funds, regardless of credit rating.
The current climate has changed the lending landscape and key products, such as bridging finance, are now playing a more prominent role in the industry to help businesses access cash quickly. It is a flexible, viable solution to short-term liquidity issues and is no longer a last resort.
If businesses want to take advantage of the Government’s initiatives to support growth, then an injection of cash through bridging finance may be just what they need.
Whether a client is starting up a business, investing in R&D or developing existing activity; commercial finance can offer a solution to support businesses in their longer-term goals.
Extending a product portfolio to include commercial loans and bridging finance will ultimately allow brokers the opportunity to cater for a wider range of clients and funding types.
