Our Newsletter this month includes information about a new product providing up to £3million in flexible funding.
Archive for the ‘refinancing’ Category
£15 Million secured for UK Businesses
Friday, August 31st, 2018Small businesses turned down for loans from the UK’s high-street banks have received over £15 million of funding thanks to a government matchmaking scheme.
Over the past 12 months, 670 businesses have raised over £12 million of funding through the Bank Referral Scheme, four times what was raised in the previous year. Since it was introduced in November 2016, more than £15 million has been sourced for businesses across the country.
The Bank Referral Scheme requires Britain’s biggest banks to pass on the details of small businesses they have turned down for loans to online credit brokers. The brokers then help those businesses to source funding from alternative, and often smaller, lenders.
Rejected businesses are now automatically offered the opportunity to be referred to three online credit brokers: Alternative Business Funding, Funding Options and Funding Xchange. Each platform provides access to a range of lenders and products, including business loans, revolving credit, asset finance and invoice finance. Loans resulting from the scheme ranged from £100 to £1.3 million and the average size of a loan secured was £17,285.
Revolving Credit Facilities
Friday, August 31st, 2018Download our Guide to Revolving Credit– a facility that allows you unlock cash tied up in unpaid invoices, stock and/or work in progress (WIP). The facility is completely independent from your existing business banking with limits of up to £3 million.
It works much like an overdraft: businesses receive a limit and they can draw down funds and make repayments as often as they like in a given month. If you don’t use the facility there are no charges so well worth a further look. We manage the application process on your behalf and decisions are made quickly.
Click Here to download our guide and contact us to discuss your funding requirements.
Hundreds of Grants for UK Businesses
Thursday, February 15th, 2018Local Government departments and councils who have regeneration targets often meet these goals by providing grants to businesses for specific projects. The project will tackle the issue (for instance: reducing unemployment or filling empty shops) by rewarding the business in the form of a grant to employ staff or refurbish shop premises.
Although this ‘free money’ is available – it is rarely promoted because councils do not have the capacity to cope with the high demand. Therefore eligible businesses often miss out on this funding which has the opportunity to be influential to the success of their businesses. We are experts at both searching for and applying for grants. Some of the funding currently available includes:
• £10,000 for businesses who develop digital innovation
• An award for businesses who improve communities in Greater London
• £100,000 of branding and marketing support for food businesses
• £20,000 for young entrepreneurs to develop new ideas
• Up to £50,000 for Scottish businesses that promote workplace equality
• Up to £12,000 for farmers to buy new equipment
• Up to £250,000 for businesses in Leeds for capital investment
• 21 different funding programmes for businesses in the Construction industry
There are many more grants, awards and training programmes across the UK. Contact us today to find out if there are any relevant schemes available for your organisation.
Scale-up Businesses struggle to find funding
Monday, January 29th, 2018A scale-up business is recognised as a young organisation with at least 10 employees which grows by an average of 20% each year. Scale-ups are of huge importance to the UK economy providing jobs, inward investment and innovation.
However, scale-up businesses often find it difficult to source finance from mainstream funders due to a lack of trading history, asset value or limited management experience.
Grants and regional funding options exist, but many are for very early-stage development rather than growth. Bank Loans are an option for companies with solid cash flow that can support the interest payments. However, new global capital regulations designed to make banking more stable have made it harder for banks to offer large overdrafts, and so alternative options are often required by businesses looking to raise finance.
Invoice finance is a popular way for scale-up business-to-business (B2B) firms to unlock vital working capital as it grows with your business. Working capital finance options for high-growth business-to-consumer (B2C) firms are less obvious. However, a relatively new type of lender is emerging offering merchant cash advances where businesses repay a fixed percentage of revenues.
Many crowdfunding platforms exist, including equity and non-equity options. When it comes to investing in new equipment, there are plenty of options available. Asset finance, otherwise known as asset leasing or lease rental, has been around for many years and for good reason, but not everyone is aware of how it can benefit them.
Asset leasing is a tax-efficient and flexible way to purchase the equipment you need without compromising your cash flow, and is suitable for all industry sectors and any size of business. Terms are available from one to five years with only a minimal deposit required in most cases.
Ultimately, there’s no easy answer for financing a scale-up and businesses may need to share the risk and look at numerous options. It does depend on your approach to risk, your attitude to giving away part of business, and your company’s ability to finance a debt.
To see how we can help you grow your business by providing funding options to suit your needs, contact XL Business Finance today for an initial discussion.
Manchester – 0161 980 0577
London – 020 3301 4540
xlbusinessfinance.co.uk
Refinancing-Explore the opportunity
Friday, August 3rd, 2012With banks continuing to squeeze customers we believe XL Business Finance is well placed to relieve the pressure! Refinancing plant and machinery is one of our key services and areas of expertise. Currently this is being used to great effect in a number of sectors. Printing, engineering, transport and any other industry sectors that uses plant and machinery can benefit. We are convinced that many of our customers if asked , would benefit from a £25k, £50k, £100k, £250k or even more capital injection without having to go back to the bank cap in hand to their bank!
Release cash against luxury metal!
Wednesday, March 14th, 2012XL Business Finance has recently been involved with the refinancing of a Bentley Continental GT. A local businessman struggling with his bank needed cash to fund his growing business. It transpires that in doing this deal the finance company has an expertise in the luxury car market and has recently transacted a £0.5m refinance sale and hire purchase back for a very special Ferrari. Specialist funders use top experts to asses value and title to vehicles ensuring the very best funding is provided.
Refinancing valuable antiques
Tuesday, March 13th, 2012We normally think of sale and leaseback or sale and HP back facilities only being available for heavy plant and machinery such as engineering and printing equipment. For the right reasons it is possible to refinance rare and valuable antiques. A half million pound refinance facility has been transacted against antiquities and a hundred thousand pounds has been raised against Andy Warhol paintings. Not all finance companies are able to provide such facilities but it is worth knowing if the need arises. XL Business Finance has access to many bespoke finance products
Asset Refinance available from Prime funder
Friday, January 6th, 2012Until now stand alone asset refinance has only been available from specialist and traditional more expensive finance companies. However, a prime funder has now entered the market offering to refinance plant machinery and tangible assets providing it is for the right reason. Funds might be required for expansion, deposit on a new machine, an MBO or an MBI.
The balance sheet of the business must be reasonable and the business must have been trading for more than three years. Providing there is a strong rationale for the refinance and the equipment has good value we have a very good chance of obtaining some funding. Businesses which are struggling and need to refinance kit because they and are struggling to pay creditors may still be able to obtain funding but it will be via a very different type of lender.
Normally it is possible to provide an indication of what is available within 24 hours. All we need to get the ball rolling is a list of plant and machinery to include age make and model. We can then get a value of the kit for refinancing purposes which enables a quick assessment of the viability of the refinance. XL Business Finance is one of the Uks leading funders in asset finance and refinance and we have 15 years experience in doing such deals.
Sale and leaseback
Saturday, April 16th, 2011Sale and lease back involves the refinancing of plant and machinery to enable a business to raise cash for any puropse. XL Business Finance is undertaking a number of these projects for a variety of different reasons. At the moment we have 4 deals going through this week however the interesting point is that we are using 3 different fiannce companies. All finance companies have a niche or a comfort zone with a particular sort of customer, sector or type of equipment. Which one is best for your business depends upon your own personal circumstances.
