In the light of continued uncertainty around Brexit, Halo’s customers are reporting that even established, successful businesses are increasingly being turned down for finance by their banks. Where funding is available, bank interest rates are often significantly higher than they have been in the past.
With access to over 65 of the UK’s largest lenders, Halo has a wide range of options available which opens up new alternatives for businesses. If you are looking for funding, talk to Halo to find out which lenders are able to meet your needs.
Following a turbulent few years for small and medium sized businesses in anticipation of Brexit, Halo’s experience of working with thousands of businesses across the UK indicates that economic uncertainty is resulting in even more difficulties for some small businesses to access funding from their bank.
Banks’ lending criteria are too restrictive
Traditional banks make lending decisions based on the performance of a business, as well as their exposure to and view on the future performance of specific sectors. This can affect the lending criteria for strong businesses operating in sectors that are out of favour with their bank.
However, as the alternative lending sector has matured many different options now exist for businesses, including products like peer-to-peer lending (P2P) which allow lenders to target specific sectors and business types that they want to lend to.
Stable and growing businesses can therefore find that in some cases better terms are on offer from alternative lenders than they could achieve through bank borrowing.
If your business is considering applying to your bank for finance, talk to Halo first
We will be able to advise you on the feasibility of your application, and which lenders might be able to offer you the best rates.
Our simple process means we can usually get the funding you need in a matter of days, whereas bank applications can take several weeks
Thinking about it?
At Halo Corporate Finance we are experts in business finance. We are able to secure funding for over 95% of applicants from our panel of over 65 UK-based funders. So if you are interested in funding your growth, give us a call on 0345 450 1966 or check your eligibility for finance using our quick online form.