The government is constantly reminding us that the small to medium size business sector is the backbone of the economy and the key to employment in the coming year yet nobody seems to be able to guarantee more commercial lending from the High Street Banks.
There have been a number of initiatives designed to provide UK businesses with funding but the success rate is perceived to be extremely limited.
Commenting, Gerald Irwin of Sutton Coldfield based Licensed Insolvency Practitioners and Business Advisers, Irwin Insolvency, “Undoubtedly there is a need for increased competition in the banking sector but that is certainly not the only avenue to credit availability. For example, contacting a broker can offer an excellent route to securing credit at a competitive cost. Indeed, there are significant numbers of financial providers lending to businesses and a broker can help find the right financial products to suit individual business requirements.”
Attempting to secure finance is a time consuming exercise for all businesses, often resulting in a negative response but there are other options available for those businesses willing to look beyond the High Street.