11/07/2019
Laughing all the way from the bank!
One of the first questions people ask about my business is why they wouldn’t just go straight to the bank for funding, so I thought it would be useful to outline my typical response.
Firstly, in the instance that your bank is willing to support all of your financial requirements, then we may not add any value. They are keenly priced and you have an existing relationship to leverage.
However, for many businesses in the UK, this is far from being the case - and that’s no laughing matter. There are several instances where a bank is unlikely to support all your activities and this is where we really come to the fore:
The bank translates your ambitious growth strategy as risk which they cannot support;
Your business grows too big for one bank’s exposure;
The bank doesn’t offer suitably flexible solutions - High St banks often offer tick-box products rather than genuine solutions;
Complexities of some businesses are often difficult for a bank to understand and you may require specialist funders;
The bank imposes a credit limit and won’t meet all your requirements;
If you have gone through a challenging period, bank funding can be halted or even pulled.
If any of the above scenarios sound familiar or there are other reasons that your bank will not support you, it should not be considered as the end of the line. In fact, it could be the start of an entirely new and supportive relationship. There is an entire market of commercial banks and alternative lenders that are there to help. They are not often as well-known as the banks we see on the High Street but between them there is a solution for your business. Our inside knowledge and experience can navigate you to the right solution.
Key Finance has been working in this market for 40 years and has strong relationships with hundreds of funders, a growing number of whom source their clients exclusively through businesses like ours. We are a vital part of the UK’s financial ecosystem representing clients and lenders that would otherwise not connect.
The right funding solution can create more opportunities and accelerate your business growth. If you are considering external finance to support your growth plans, please talk to us about your objectives. We will be happy to structure a bespoke solution that adds value to your business and that will meet your exact needs. Let us put a smile back on your face.
