Funding growth without a bank loan: what owners should know
By Scott R. K. Saynor
For many small businesses, a bank loan means weeks of paperwork and security they don't want to give. Card-based business funding works differently, and it's worth understanding before you need it.
How it's assessed
The lender looks at how your business trades on card. If you've been taking card payments consistently, you can potentially qualify, subject to the lender's criteria.
How quickly
Through our partnership with JK Commercial Savings Ltd, funding is provided by 365 Finance, with a decision within hours of a complete application. The clock starts when the paperwork is complete, so have your details ready.
What to ask before you sign
What is the total cost? How and when is it repaid? What happens in a quiet month? Is there anything you can't do while it's outstanding? Anyone introducing you to funding should answer all four plainly. If they can't, walk away.
Use it for growth
The best uses pay for themselves: stock bought before a busy season, equipment that adds capacity, a refit that brings more customers through the door.
Funding is subject to status and lender criteria. Saynor Sales Solutions is not a lender and does not give regulated financial advice.