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Business Financing in 2010

Without a doubt 2009 was the toughest trading year for any business that most of us can remember ( unless you are selling Pizza or home safes!). No one was expecting the recession however with hindsight it is easy to say ” I told you so”.  Twelve months ago there were a dozen or so high street finance companies and banks offering hire purchase and finance lease facilities. At the moment there are only a handful remaining. Many an  independent finance company and bedroom brokers have gone out of business. The longer established independents have the experience and expertise to add value to any business financing. At XL Business we have been helping our clients for over 10 years with their business finance requirements. We envisage the banks being extremely difficult for at least the next 12 months so it is important that you use an expert to help your business with  your funding requirements.

A fellow broker of mine has a brilliant quote on his website ” You wouldn’t go to your butcher for open heart surgery so why would you go to a bank for financial advise” Dick and Rick if you read this quote I will buy you a pint. At XL Business Finance we couldn’t agree more. We reckon for just about nearly every financial product a bank offers we could find another lesser known financialproduct offering the same product either at a better price or with a much better service. This is particularly true of  factoring and invoice discounting products. There are a few instances that we recommend banks but how do you know which one to approach. There are just so many factors that need to be taken into account. One high street bank is very good at export debt for example but only if you are profitable. One high street bank is pretty good at financing contractual debt but how do you know which it is. Give us a call and we can make the referral for you. Its free!!!!

 

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