Latest News on Bank Funding
As we head into the next decade the lessons learned from the financial crisis and precautionary measures taken have changed the landscape. Appetite for new lending by High Street Banks can best be described as variable and sourcing the lender that best suits your business can be a difficult process without up to date knowledge of which sectors are currently in or out of favour. That does not mean to say that any given business is regarded as a higher risk, it can simply be down to that particular Bank becoming overly exposed on its lending book to one type of business. To remedy this “imbalance” the Bank may consequently apply a more stringent lending policy by requiring a larger deposit and/or reduce the number of repayment years. By contrast there are “specialist” lenders out there who operate in very few business sectors where they are most comfortable and can draw from many years experience.
That said, our experience as Brokers is that lenders are increasingly keen to do business with us and have set up local networks of New Business Development Managers recognising that we add significant value to new cases by assembling every last bit of information required from the very outset and move the process forward far quicker than individuals can achieve on their own.
For these reasons it now makes sense, more than ever before, to engage with a Commercial Finance Broker who will guide you through this financial maze and find the right match for you.
Mendip Business Finance has specialist knowledge in raising finance under the Government’s “Enterprise Finance Guarantee Scheme” which provides participating lenders with the comfort of security when this is the missing ingredient in an otherwise acceptable proposition.