Small businesses have been struggling because of the impact of the pandemic. The larger banks seem to be very slow in approving loans in 2021 (if they are approved), even where the loans are not very large.
Based on the results of ScotPac Business Finance’s SME Growth Index, businesses have increasingly turned to alternative financing methods as they emerge from the pandemic. These alternative methods include personal funds and lines of credit and non-bank lending. But even with these alternatives, a lot of the applications have also been denied. I know that from conversations with our clients that it has been very frustrating for them that even with apparently good asset bases and serviceability, that applications are either denied or been slow in approval.
Our clients may have their own mortgage and business funding advisors, who are no doubt giving them great funding deals and great service. But if you are looking at business finance, and are looking at options, maybe have a look at About Us | ScotPac who say they can give swift answers on lending for asset finance. Asset Finance Solutions | ScotPac
As with any finance offer, talk to us first about the best format of financing from a tax perspective, and also compare interest rates and on-costs with other financiers, before signing anything.