Are you looking for funding for your business? Growth Business offers a primer to small and medium-sized enterprises (SMEs) looking for alternative finance. It's a clearly written article, with sensible commentary in it. We reproduce excerpts below, with glosses for SMEs looking to get funding via our own platform.
For detail of how we bring individuals looking for a good return on capital together with businesses seeking funding for growth, see our Frequently Asked Questions and Lend and Borrow pages. Lenders should bear in mind that capital loaned is at risk, and read the warnings on site.
"With all the statistics out there about the growth and availability of alternative finance, it's clear that most SMEs aren't pursuing it as an option. Surveys indicate that they don't understand the platforms, and with the sheer number of types, you can't blame business owners for being confused.
"But AltFi – or non-bank lending, if you prefer – has been both safety net and growth enabler for thousands of UK businesses, so it should be on your funding radar. If you're managing expenses wisely and being smart about growth, you're already on the ball. So what should you look for and how can you maximise your chances of getting funded?"
"Although the application process for many funding schemes is relatively straightforward, you still don't want to be turned down, so know a few things going in.
We require three years' audited accounts and a strong track record of profitability. The average age of our borrower companies is over 12 years.
Borrowers would do well to make a video and keep telling their story on their own site, on Twitter, Instagram and Facebook. Many of our lenders are financially sophisticated individuals, but many aren't.
Money&Co. does not require a personal guarantee. But they do help.
If this means "plan ahead', we agree.
Very good advice. We believe that we have the most conservative risk-analysis process in the market, and have had no loans default. But if this were ever to happen, communication is most certainly very important.