Sharon Bryden, director of commercial lending and asset-based lending at Time Finance, explains why it is essential that UK businesses now move away from these short-term solutions and focus on financing options that are there for the long term. .
In 2020, many businesses have been forced into survival mode and have turned to government financing solutions to respond quickly to fluctuations in their business income. Fast forward to 2021 and the success of the UK’s vaccination program has provided an injection of stability into the market, prompting business owners to look to the future with more optimism.
As business markets increasingly return to pre-pandemic levels, many companies will experience markets that have adapted and they will need to rethink how they intend to compete to stay ahead. Planning for the long-term future will help them develop answers to questions they may have – what impact they want to have and how they want to be positioned to serve their markets. Questions they probably can’t focus on for a while now…
Financial partners play a vital role in guiding business owners in the right direction. Understanding what they want to achieve, finding the right financing solution to support those long-term plans, and delivering it at the right time is crucial.
Business loans are a smart financing solution to support future growth plans. Their flexibility and certainty put SMEs in the driver’s seat. They provide a long-term cash boost that helps businesses take advantage of new opportunities. Business loans can be used to support ambitious growth plans ranging from improving product lines, recruiting talent and introducing new skills to investing in machinery or property.
It is crucial that UK businesses have the financial freedom to seize these opportunities with confidence. At Time Finance, we’ve doubled the amount of finance available to UK businesses through our £500,000 secured loans, as we recognize that opportunity can often come at a cost. We want to provide peace of mind that financial support is available.
We recently supported a transport and distribution company that had an exciting opportunity to partner with the leader in parcel delivery, DPD. Their financial advisor approached our commercial lending team as he recognized that the revenue opportunity for the business was significant but that they would need to invest to deliver the contract. Our commercial loan solution has given them the confidence to purchase new vehicles and expand their fleet, recruit five new drivers, and implement an ongoing training program to retain staff and continually develop their skills.
Commercial loans give businesses the confidence they need to look ahead and invest in long-term plans, which is great for their business and the UK economy.
Time Finance plc published this content on February 04, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unmodified, on February 04, 2022 12:05:05 UTC.