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One in five business owners unaware of alternative business finance options

20 percent of business owners are unaware of available alternative business finance options, according to a new study.

In this period of economic uncertainty, independent business owners across the country are struggling to access the necessary funding to invest and grow their business. 28 percent of company owners surveyed believed that they weren’t eligible to access vital funding.

Meanwhile, 36 percent thought that there wasn’t enough choice when looking for funding options. However, it was revealed that 20 percent of the respondents weren’t aware of the wide range of alternative business finance options available to them.

Due to this, most entrepreneurs still turn to their banks, however 35% of UK business owners find this challenging. It’s estimated that a massive 100,000 business loan applications made by SME’s are declined each year.

Even if they are approved, there are long-term repayment schedules and entrepreneurs often have to secure their property or business assets against the money.

Alternative business finance solutions, such as a merchant cash advance, are a simple, quick and flexible way of accessing funding when your company needs it most.

A merchant cash advance is available to businesses that accept card payments. You can access a lump sum equivalent to the amount you process on cards each month and a small percentage of your card turnover is deducted automatically each day to repay. With a quick application process, you could receive between £500 and £3,000 in as little as 72 hours.

If you’d like to find out how Quick Capital’s alternative business finance solution could help your business grow, get in touch with one of our friendly advisors or request a quote online.

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