Business Finance for Emergencies

How to get emergency business finance

When a business is suffering from hard times, or struggling to even keep trading, it shouldn’t mean the end is near — far from it!!!

Cashflow shortage?

Even the savviest of business owners may not know the array of finance options available in the current market, and since high-street lenders have slowed down their lending to SMEs over the last few years, we’ve seen a few alternative finance options appearing to fill this void.

The right option for your business all depends on your business profile and needs. To fully understand where your best solution lies, speak to one of our experts — we’ll guide you through your possibilities whether you are a Sole Trader Ltd company, New Start or well established.

Seasonal trading problems?

When sales are down and costs are high, there are potential problems waiting to arise at any moment. Keep this in mind if your business has unpredictable trading cycles, or if you frequently find you’re struggling for cash at important times. For the more urgent problems like insolvency, there are some relatively unknown emergency solutions.

There are of course certain criteria to satisfy, but if your business stacks up, it’s well worth considering. A simple business loan from banks might do the trick, or maybe it’s worth looking into asset-backed finance for a more individual fit.

In debt or operating at a loss?

We would always suggest taking a look at finance solutions in these cases, as there are options available whatever the need. You might find it’s possible to give your assets as security for funding — the risk being that you could lose your equipment or machinery if you’re unable to adhere to your funding terms.

Are your circumstances beyond control?

Once you’ve exhausted all of your finance options and feel there is nowhere left to go, you’ve reached a hugely important time for your business. This is the point at which you need to decide whether continuing to trade is a viable option for you personally, as well as for the business. The key to this is spotting these difficulties and reacting — the earlier, the better.

Although they come with negative connotations, a company voluntary arrangement (CVA) or a pre-pack administration may well be an option if you think there’s life left in your company. There are plenty of options to weigh up, but if you think the business may continue to incur more debt if it carries on, in the same way, this is when problems can get out of hand.

Understand your options

Many business owners in trouble don’t realize that there’s still some funding options available even if you’ve got bad credit, a ccj, or other signs of trading problems in the past. The best thing you can do is manage any problem head-on, as early as possible.

At Nationwide Corporate Finance we look at all businesses regardless of their situation, and because we physically underwrite all applications we can help by being as flexible as possible. We don’t operate a Tickbox process as everyone is judged on their own merits!!!

Please call 01234 240155 to find out more or visit www.nationwidefinance.co.uk to apply online.

from Nationwide Corporate Finance https://www.nationwidefinance.co.uk/blog/2020/03/business-finance-for-emergencies/
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