When your business needs a business loan, it can sometimes be difficult to know where to turn.
In a series of articles, our business manager, Jordan Berg, dissects the application process to help give you the best chance for success with your business loan application.
The first article in this series explores the reasons why you might need finance.
Why might I need finance?
Finance traditionally fuels growth by allowing businesses to invest in assets, people and systems to improve its future profitability. Due to the current circumstances, many of those who were traditionally growth-orientated businesses have been taking advantage of the government initiatives to assist with their working capital.
With the “new normal” transition here, it is indeed time to consider the future of your sector and how you can pivot your business to maintain and/or create new revenue streams. For the most successful business owners, where feasible, this drastic change will be the catalyst to expand their market share and customer base.
Under government restrictions – will your revenue be temporarily impacted? Will this affect your day-to-day cash?
At the same time are you well equipped digitally to open and increase online revenue streams? Have you considered your obstacles to growth? Would new equipment/machinery increase your capacity and ability to service more customers?
These are all common reasons why businesses may borrow, but any reason to grow or sustain your business is a reason you may want to speak to a lender.
It’s worth mentioning, however, that there are many different types of finance available that all serve different purposes. Your bank, local growth hub or finance broker can give you further advice on which type of finance is right for your business.
Online directories such as British Business Bank’s Finance Hub include in-depth information on the types of finance available and how they can help you to grow your business.
What’s Next? For the next article in this series, Jordan will be exploring how to define your need for finance.
About SWIG Finance
SWIG Finance is the South West’s leading Community Development Financial Institution. We are passionate about bringing social and economic benefits to people and places in the South West.
We do this by providing support and finance to Start Ups and growing SMEs that can create and secure employment opportunities.
As the South West’s leading delivery partner for Start Up Loans UK, we can provide Start Up Loans from £500 – £25,000. For more information visit https://www.swigfinance.co.uk/start-up-loans/
We also have loans from £25,000 to £250,000 available to South West SMEs who cannot access sufficient funding from their bank https://www.swigfinance.co.uk/funds-available/
For an informal discussion about your funding requirements, get in touch with our friendly and professional team to find out how we can help: firstname.lastname@example.org / 01872 227 932.