Read the latest news about alternative business finance.
As a passionate small business owner, you’ll regularly come up with brilliant ideas to expand and grow your business, only to be stopped in your tracks by a lack of available cash needed to get your ideas off the ground.
You’re not alone. Thousands of small business owners are struggling to free up the cash to fund all of these amazing “light bulb” moments that happen daily in business. All of those potentially life-changing ideas are coming to nothing every single day, and as a result, companies are struggling to expand and reach their true potential.
Worrying figures from a recent Office of National Statistics study show that up to 55% of start-ups fail to survive their first five years, with poor cash flow being the main reason for failure (90 per cent). Funding issues remain a major worry for UK business owners, especially since the banks tightened up on their lending criteria following the recession, coupled with more recent uncertainty around Britain’s “post-Brexit” future.
Finding the cash to turn your dreams into reality doesn’t have to be a challenge. With 42% of businesses now considering alternative finance options, we look at how a business cash advance can help you to fund your business ideas throughout 2017.
What is a business cash advance?
A business cash advance is a popular type of alternative finance whereby an agreed sum of money is advanced to you against your future credit and debit card turnover.
It is necessary to accept credit and debit card payments in order to qualify for a business cash advance, and the amount advanced is typically up to the value of one month’s card sales. Don’t worry if you don’t currently take card payments, we can put you in touch with a reputable provider who offer extremely competitive rates.
One of the biggest benefits of this kind of alternative finance is the speed in which the application is processed. Unlike a traditional small business loan, you do not need to supply business plans, accounts, forecasts or security. You apply over the phone in minutes and funds are transferred into your bank account within 72 hours.
How can this help me?
A business cash advance acts as an instant cash flow boost and you can use the funding for any reason at all. This means you can free up a chunk of cash to help get those wheels in motion and put plans into action!
As the process is so quick and easy, your extra cash can be ready and waiting within 72 hours, which means you can get started right away.
How do I repay the finance?
Repaying your cash advance couldn’t be easier. A pre-agreed percentage of your daily card sales is deducted automatically at the end of each day, meaning you never have to worry about missing a payment. Repayments are directly linked to your card turnover, which means you only pay back the advance when you earn money from your card sales. Your business cash advance will be repaid, typically, within 6-7 months, and you’ll be well on your way to reaping the rewards of your investment!
If you’d like to enquire about how alternative finance can help you turn your business ideas into reality, visit www.quickcapital.co.uk or get in touch with one of our friendly advisors on 0800 3777 402.