“Without questions, there is no learning…”
As a finance broker, it’s our job to ask the right finance questions.
Asking questions is not an attempt at being intrusive in your business, but a chance for us to understand your business statement, requirement and goals.
In doing so, we can work faster and more efficiently to get you the funding you need, when you need it.
There are a few things we’ll need to know to get started, like:
Finance Question 1: When do you need the funds by?
The speed that you require funds by can impact on which lenders we choose to approach. Some will be better suited to fast funding than others, and application processes can vary in length too. The more time we have to sort a deal for you the better in terms of being able to strategic in our solutions.
That said, we appreciate you don’t always have notice when it comes to financial challenges, so we can turn things around quickly too.
Finance Question 2: What do you need the cash for?
Whilst we can secure business finance for almost anything, knowing what the funds are for is an important piece of information. Not only will the lender need to know, it helps us to know who to approach and how best to structure the finance. For example, if you’re looking to boost cash flow due to customer invoices with long payment terms, then Invoice Factoring might be the way forward. If you’re looking to purchase equipment, then Asset Finance would be the way to go.
Finance Question 3: How much do you need, ideally?
Whilst we can’t promise to get exactly the amount you need, or meet precisely the terms you hope for, we will do our best to get close. We will work closely with you to assess your business status, goals and projections to set realistic expectations of what’s possible.
Finance Question 4: Can you offer security?
If you’re looking for a business loan, depending on how much you are looking to secure you may need to provide security to a lender. This can be in the form of property, assets etc. If providing security isn’t something you’re looking to do, it’s important we know this so we can structure the finance to suit.
Finance Question 5: Have you been declined before?
It’s not a problem if you’ve been declined for finance before. Almost 30% of our customers have been, so it doesn’t mean it’s the end of the road. It is helpful for us to know though so we can understand the reasons why and try to avoid further declined applications moving forward.
Finance Question 6: How will it really help your business?
Understanding what you need the funds for literally is one thing. If we can get to the heart of how it will help your business long-term this can make for far more affordable, strategic funding solutions. Whether it’s the ability to expand your business, reduce operational costs or something else, working together to achieve the long-term goals is the ideal scenario.
Asking these questions in the early stages of application can save valuable time down the line. When we are armed with this information, we have a far better basis to approach the right lenders, for the right products, at the right time. All of this adds up to a much stronger chance of approval and managing your expectations around this.
If you want to explore your options further for finance, get in touch with our expert team today. Call 01908 92 62 62 or hit Apply Now.