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What Do You Do When the Bank Says No? What Other Finance Options are Available?

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We can help with serious company debts, HMRC and creditor pressure, VAT/PAYE/Tax arrears, cashflow problems and raising finance.

6 Types of Finance to Consider When Your Bank Says No

Reviewed: 27th February 2015

Business finance can be a complex and stressful topic – and you can get tired of hearing NO. Sometimes it might just be easier to give up, right?

That simply shouldn’t be the case.

Whether you want to compare rates for business finance or search for a finance facility that can work for your business; there are funding options available to businesses of all shapes and sizes. This even counts for those who have an urgent need for money – either to seize a growth opportunity or to tide your business through a rough patch. We know every business is different.

 What next?

Don’t be disheartened if you get a ‘no’ from your business bank. Just like businesses, lenders come in all shapes and sizes too. With such an array of providers and products on offer, this means more businesses can succeed… however; it can get a little confusing when sourcing an alternative finance solution. So, here’s our guide on the finance you should consider if your bank says no:

Refinance business assets. If you’re asset-rich but cash-poor there are ways to release equity from your business assets, so you can free up your cashflow.
Pension-led funding. If you have a personal pension pot of £50k or more you could potentially sell or lease business assets (including the value of your brand or even goodwill) to your personal pension and pay back the loan in a tax-efficient way.
Short term revenue loans. There’s a growing segment of lenders who will lend you a % of your monthly turnover to give you a short-term cashflow boost. These loans look and feel a lot like a payday loan.
Crowdfunding. Source small amounts of investment from a large number of investors, as opposed to the ‘Dragon’s Den’ style of investment. Popular in recent years due to the fact it rewards businesses with high potential or unique products.
Property equity release. If you own your business premises, you are able to release cash from the property value held. This could be between 50-70 percent of the value but this all depends on the circumstances of the lend.
Invoice finance. Often a scary word in the finance work due to its complex nature, but invoice finance is an effective way of paying forward money that is owed to you – so you can manage your cashflow with confidence.

In 2014 alone Funding Options connected British businesses with more than 50 different alternate lenders.

"Our aim is to turn that no into a yes, and we take our job very seriously," says Danny Nolan, of Funding Options.

"We’ve put together the best of technology and brain-power to scan the market in a matter of minutes and find the most suitable finance option for any business.” We have an extensive network of 55 offices offering confidential director support across the UK.


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