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Alternative finance for small businesses can reduce business rate increase fears

The current economic uncertainty within the UK has set back many SMEs future lending plans. Key factors adding to poor growth prospects for many SMEs are the looming consequences of Brexit and the increase in business rates that are set to hit Britain from April 1st.

The rise in business rates will strike the smallest companies the hardest. Recent research shows that more than a third of small firms expect to see their business rates increase this year, with almost half having to pay an extra £1,000 or more per year. Almost one in five may even consider closing down or selling their business as a result of these unexpected expenses. It is essential to be prepared for these upcoming extra costs, however many SMEs are reluctant to approach banks for finance due to the fear of rejection.

 How alternative finance for small businesses can help 

Alternative finance is becoming more important for the growth and sustainability of Britain’s businesses, ranging from early-growth start-ups to more established SMEs. The UK finance market is becoming broader, which means accessibility to alternative finance for small businesses it is a lot easier, however, the increase in options may seem confusing to some business owners. Thanks to government initiatives and industry programmes, businesses are becoming more aware of the different finance options available, such as a business cash advance.

The benefits of a business cash advance include:

  • Speed – The application process is quick and easy completed over the phone in a few minutes and funds transferred within 72 hours.
  • Flexibility – Repayments are linked to daily card turnover, and move up and down in line with the value of your card sales.
  • Approval Rate – Over 90% of businesses who take card payments can be approved for a business cash advance.

If you are concerned about an increase in your business rates, or need help discussing the different methods of alternative finance for small businesses, why not talk to one of our advisors? Contact us on 0800 3777 402 or visit www.quickcapital.co.uk to find out more.

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