There have also been a number of reports looking at the level of optimism felt by businesses, with the Small Business Federation revealing that SMEs are planning to invest and access finance this year, perhaps to hire more staff or renovate their premises.
With various high street brands going into administration recently, it would be understandable if the start of 2013 had discouraged small businesses from pursuing additional finance. However, there is a growing sense of optimism for the future amongst small business owners, with the FSB predicting growth ahead in 2013. With the right financial solution and careful planning, small businesses will have the chance to thrive in a difficult economic climate.
However, not all businesses are confident to approach lenders for the appropriate finance, particularly with traditional lenders who may still be restrictive about their criteria.
For those businesses that are looking to make an investment, they should look to alternative lenders to meet their financial needs.
Difficulty in accessing finance can be a barrier to expansion for businesses who are looking to grow, but don’t have the financial resources available to them. With traditional lenders still being overly cautious and restrictive with their criteria, SMEs looking to make an investment in their business, be it to expand or purchase premises, diversify their offerings or restructure their existing credit, they should look to specialist lenders to meet their financial needs. Specialist lenders can offer business loans tailored to specific needs of the business in question.
Business loans from specialist lenders can be used for business expansion, purchasing premises, refurbishing premises, hire more staff, purchase equipment or perhaps merely to clear debts. The flexibility of securing such products is likely to attract businesses that have struggled in the past to obtain a loan from high street banks that meets their needs and requirements.
Despite the uncertainty of the future of the high street, I hope small businesses’ optimism continues. Brokers should take advantage of this optimism for the future and ensure they have access to the right products for their needs.
