In this series, Marcus Grimshaw, a local businessman and chairman of the National Association of Commercial Finance Brokers (NACFB), will be exploring the problems that small businesses face when it comes to finding finance and advise business owners on how to take advantage of the funding options available.
Having worked alongside small businesses for many years, it is apparent that many business owners find accessing finance a struggle. As the CEO of a Lincolnshire business, I understand the frustrations that many local businesses face when it comes to securing a loan. As the chairman of the NACFB, a big part of my role is to help educate SMEs (small and medium-sized enterprises) about the huge range of finance options available on the market and work with organisations to promote lending to small businesses.
There are a lot of successful SMEs in Lincolnshire and across the country; and for businesses looking to expand, a loan often provides that crucial stepping stone to take the company to the next level.
However, securing finance can be one of the most daunting tasks for a small business. Many business owners have no idea where to begin looking for finance and often become overwhelmed by the whole application process.
So what can you do to help your business find finance? One way that small businesses can access the full range of lending options is through an independent broker.
Brokers act as a matchmaker between lenders and small businesses and have a huge breadth of knowledge of the different types of finance available. With up-to-date insight of the market, brokers are able help businesses access the right lender for them, increasing the chance of securing a loan.
The NACFB launched www.findSMEfinance.co.uk, a simple finance-matchmaking website, to help small businesses access funding through an independent broker.
The website helps SMEs unlock finance from a broad spectrum of lenders in the UK, making the quest for securing finance a more realistic and achievable task.
It is important to remember that not all is lost for businesses looking to expand; there is expert help out there. The key point for business owners is to know where to look for guidance – such as using a broker. We’ll be exploring a range of lending options throughout the series, so stay tuned for more insight.