When you are a business owner looking at business finance, it can be a complex and daunting task. The risk of making the wrong decision can be high and could prove very costly. Funding your business correctly could be one of the best decisions you can make.
With a variety of lenders on the market able to offer business finance suited a host of different circumstances, the options are exhausting.
That's why you need a partner to trust - one who can guide you through the maze to the right solution. Someone who's neutral and aware of the subtleties and criteria of the various lenders on the market. A trusted partner like Beneco.
Business Finance Options;
Unsecured Business Loan from £10,000 to £350,000
A loan for business purposes that doesn’t require security. Sometimes personal guarantees are required and understanding your trading history is paramount.
Merchant Cash Advance
If your business operates with taking regular payments through an EPOS terminal or card reader, you may be eligible to Merchant cash funding. Based on your track record, you may be able to borrow a lump sum with repayments being made each time you take a credit or debit card payment.
Most businesses need assets in order to operate. If you’re a small business, it's likely you'll have office assets such as tables, chairs, computers or something bigger like machinery or vehicles. It's these things that keep you running day to day. If you have working capital and wish to preserve this but you are asset rich, you may be able to take advantage of releasing cash from the value of such assets you already own.
Alternatively, you may even be able to purchase new assets through hire purchase agreements with fixed monthly instalments.
Invoice financing helps businesses improve their cash flow by borrowing money against the amount due from customers. Invoice financing can help businesses reinvest in operations/growth earlier than planned and also pay staff and suppliers instead of waiting for the invoice to be settled.
Working capital is the heart and soul of any business. Put simply, it is the difference between current assets and current liabilities. Businesses can take advantage of utilising additional capital to support the day to day business operation if they need it. Unsecured working capital loan can help bridge the gap and keep on top of expenses such as staff costs, utility bills and premises costs.
Whether you are a ltd company director with 1 employee to a SME with 10 odd employees and as much as we plan for success, sometimes things happen in business which no-one could foresee. This is where a credit facility could provide a vital lifeline. A credit facility may be the solution that provides you with capital that you can draw on as and when you need too.
Start up Capital
Starting a new business can be daunting but also a very exciting time in your life. Good foundations create strong homes and this is the same for business. For some, they may need funding to start their venture or may need a top up to further develop their idea. If you have a robust business plan, there may be options for you. A good trading history can prove beneficial along with previous sales history to further enhance your chances with start up capital support.
Beneco Finance Ltd is a credit broker working with a panel of lenders.
Warning: Late repayment can cause you serious money problems.
For help: www.moneyadviceservice.org.uk
At Beneco Financial Services we can support you in obtaining an Islamic mortgage that is compliant with Sharia Law. These mortgages are not the same as traditional mortgages because they don’t involve paying interest. We’re one of a limited number of companies who has the permission from The Financial Conduct Authority to arrange Sharia Compliant Mortgages
For Customers with bad credit
It’s often possible to obtain a mortgage with a bad credit history, although the options available to you may be limited or not with the lender of your choosing. At Beneco Financial Services we have the experience of what lenders are looking for and what they will consider.
Self Employed & Sole Traders
Accounts for 2 years is preferred, but, If you have less than 2 years it could still be possible to obtain a mortgage. Most mortgage lenders will average your income but there are some lenders who consider your latest year figures. Also, there are lenders who could consider using your retained profit, salary and dividends, if you’re a Ltd company director and take a low salary and dividends but have a high retained profit.
At Beneco Financial Services, we can navigate the complexity that complex mortgages, self-employed/sole trader status and adverse credit history can bring to mortgage applications.