With inflation and the consequent uplift in the costs of doing business, including fuel and energy, it is no wonder that business confidence is waning. However, looking forward, 44% of SMEs are expecting to grow and 26% are planning on taking on more staff. If you fall under one of these two categories, you might recognise the array of resources available to help you deal with any challenges that your business might face, including the Recovery Loan Scheme (which gives lenders a government-backed guarantee to encourage lending).
Asset Based Lending
Businesses can also release equity from an owned asset to reinvest back into the company in order to either improve cash flow into the business or encourage growth.
Essentially, asset finance can help a company to own, lease or upgrade an asset, which can consist of anything of value that the business requires to function.
Applying For Asset Finance
Asset finance is a broad term and refers to a variety of lending solutions. There are many flexible funding options available that are appropriate for the needs of all types of businesses.
Despite the apparent mood of deflation around inflation, optimism around the economic outlook is improving, with around 40% of UK SMEs expecting the economy to continue growing. Asset finance can accelerate growth as an attractive funding option to businesses across all industries with fixed repayments, quick access and the ability to unlock capital flexibly.
Sources: NACFB, Close Brothers Asset Finance Business Sentiment Index (“BSI”) https://issuu.com/nacfb/docs/april_2022/40?fr=sOGJkMDQ4NjMxMDU