Let’s face it lending backed by the UK Government was never intended to be a long-term route for businesses in the UK.
The majority of lenders will look for a few years of trading before they are willing to enter into any funding arrangements. This creates a huge problem and effectively leaves a black hole for most SMEs within their first few years of trading.
At the very time when a business most requires funding for expansion and working capital, they simply can’t find it.
There are various funding mechanisms available to more mature businesses from the main High Street lenders, but this gap still remains for many SME’s who may be fairly new to the business world.
With the steady declines in the Merchant Cash Advance sector (which did allow a business to borrow up to 70% of their six-month average on merchant payments) the demand for alternative lending has obviously increased.
Inevitably short-term business lending has become a dominant replacement in the market allowing SME’s to be able to lend substantially higher values to help with working capital requirements.
Gary Sergeant of Prismex Financial said:
“We offer you free professional advice on any of your commercial finance requirements and help you expand your business by finding you the best business loans on the market.”
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Prismex specialises in providing business to business discounts. Our network consists of over 50 national and regional suppliers across various sectors. We use our buying power to source the best deals for our business customers.