Finding the right funding package
Speed and flexibility are the key drivers at the moment as Covid-weary businesses across the county look for funding options to plot a way out of difficulties, or keep on track with longer-term goals.
Sitting down with a business owner and their advisor to plan for the future and assess their cashflow needs is an essential process right now. Once this has been done, speaking with a broker means that we can review all options across the market, finding the right financial solution to address the funding needs of the business.
We’ve helped a dozen or so Lancashire businesses during this challenging period, finding solutions for them, often in the alternative space, rather than the usual high street banks so our wide network of lenders is proving key right now.
In fact in a couple of recent cases – for a furniture manufacturer in Darwen and a recruitment firm in Blackburn - existing deals came to an end with mainstream suppliers, and we helped put more flexible invoice finance solutions in place alongside a Business Interruption Loan.
While economic certainty remains in short supply, we are seeing Lancashire businesses looking for a sensible approach to financing the future.
Good cash management is critical, especially now, so the principles of credit control need to be front of mind for all SME business owners.
Reach Commercial Finance is an independent financial brokerage with a wide range of experience in helping limited companies and corporate entities secure funding. It is part of Leonard Curtis Business Solutions Group.
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