Not only do you need to find funding for your business, but you need to find the right kind of funding and get the best deal. This means that you need to be selective when searching for funding, and you will need to have a clear understanding of your finding requirements.
The most important step in searching for funding is having a clear idea of what your needs are, so before you get started you will need to know the following details:
- How much money is required
- Over what term you will need it
- How you will repay the funding
- What security are you willing and are able to provide
Potential lenders will also ask you for this information, so it is good to be prepared and have realistic expectations of future income and cash flow.
How to search for funding
When businesses begin searching for funding, they often automatically think of their existing bank; however your bank may not be able to offer you the best deal or the most appropriate funding solutions for your specific business needs.
Other possible funding solutions include:
- Personal funding provided by you or your family and friends
- A business overdraft
- A business loan
- A Business credit card
- Invoice factoring
- Asset Finance
Every funding solution has different advantages and disadvantages, costs and qualification requirements, so before you commit to anything it is a good idea to fully understand each option available to you.
To save you time and to help you make the right funding choice and find the best deal it is a good idea to get advice from independent commercial finance professionals. Their knowledge, experience and expertise enables them to quickly identify the best funding solutions for your business.
Help is at hand from Factoring Helpline
At Factoring helpline, we can provide you with all the information you need to make the right funding choices and get the best deals.
For further information about business finance please contact our advice team on 0800 597 4757 or apply online using the form opposite.
- Business Finance – home
- Overview of Business Finance
- Finance for Business
- Funding to start a business
- Small business funding – fuelling your growth
- Small business finance for better cash flow
- Finding the best deal – search for funding
- Guide to business overdrafts
- Guide to Business Credit Cards
- Business funding for distressed businesses
- Business finance – protecting future income with credit protection
- Avoiding financial difficulty