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Successfully Sourcing Funding for your Business
The finance industry is now much more competitive than it was even 5 years ago. With multiple lenders entering the market all the time with differing lending criteria it can pay to use an intermediary when you are looking for finance.
Lending Criteria
Many lenders have different lending criteria and approach to risk when it comes to accepting or rejecting particular applications. It stands to reason that depending on the lending criteria of a particular institution they may be beneficial or not according to your situation.
Ideally you would always approach the lender that is particulary positive about the type of business you are trying to raise funds for however this can take time and specialist knowledge of an intermediary such as Business Assistance.
Recruitment of new business
Some lenders will be more aggresive in their lending policy to try to bring in new current account business. So the deal could be that your proposal would be accepted provided you switch your account to the new bank.
Broker/Intermediary introduction
Some lenders will be more likely to approve applications if they have been presented by a broker that has a good reputation for introducing quality business and new clients.
A broker is more likely to be able to match the particular application to either a high street or specialist lender.
The broker may also be able assist with presenting the business case in the optimum way for the lending institution concerned.
New Lenders enter the market and existing lenders change their criteria on a continuous basis and this requires specialist ongoing knowledge of the market.
Short Term Finance
Some lenders are more concerned about the security that is being provided than the quality or the reason for the application for funds. This is especially true of some short term finance organisations.
However, the benefits are that funds can be raised much more quickly and there is little concern with the reason for the funds. This type of lending can sometimes assist applicants that have poor credit histories to raise funds where they have been refused elsewhere.
Appetite for your industry or business
Different banks and lenders and their personnel may understand more about your industry or business and because of this feel more comfortable about accepting your proposal.
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Business Assistance is accredited by the National Association of Commercial Finance Brokers.