5 things for SME’s to consider when looking for finance.

At ABL Business we want to make sure that getting finance is as easy as it can be for you and your SME business. This is why we have highlighted five important things to think about before going ahead with any finance applications.  

1. What is the finance being used for?

Are you looking to finance new equipment, purchase a building, hire new staff or improve cashflow? There are many different types of finance available and working out which one is best for you can be a headache. At ABL Business we specialise in a mix of hybrid solutions meaning that once we know what it is that needs financing we can work with you to get the best possible deal.  

2. Short term or long term?

You know what you are financing but how long do the repayments need to be? Will you be paying it back over 6 months or 36months?  Knowing the answer to these questions can help in finding the right solution for you. The length you need the finance for can affect anything from the rates to how much you will pay back each month.  

3. Seasonal Payments

Do you have periods in your business when cashflow is better in say summer months than in winter months? Seasonal Payments maybe something you want to consider when looking at repayments. Certain lenders allow you to pay back more money in months when the business brings in more money and less in the months when it doesn’t so that you don’t have to struggle.  

4. Are you using a broker?

Are you going it alone or have you thought about seeking advice from a professional? There is no right or wrong answer to this question. What works for one may not work for another. However as finance brokers we have dealt with many lenders and many different businesses looking for finance which means we have the tools and the knowledge to find you the best possible deal. We can also help to guide you in the right direction of which lenders have the best package in terms of rates, repayment plans and other little perks you might not consider if going it alone.    

5. The Human Touch

As the old saying goes ‘people like to deal with people’. At ABL Business we believe that as a customer sometimes you just want to speak to a human to confirm who you are dealing with. We are human, not super human. Which is why we won’t promise you things we know we can’t deliver, and we will always be available to answer any questions that you may have.   If you want to find out more about commercial finance download our free guides… Practical Finance for SME’s and ABL Business Finance Guide. A Guide to Invoice Finance.   If you are considering finance speak to a human at ABL Business on 01274 965356 to find out more about how we can help you or email us on info@abl-business.co.uk