Small business finance – your questions answered.
How can I secure finance for my small business?
There are a number of product groups for funding a small business, so getting it right can be difficult. You can try and source it yourself, if you have the time. Your bank might have the option of a loan, factoring arrangement or similar but they will have strict criteria, if you don’t meet the requirements for their business funding then they won’t help! A consultation with an Acorn.finance business funding expert will get you on the right track using our FUNDED system.
What are the different types of financing options available for small businesses?
As mentioned above as a small business owner you have a variety of options; a business loan, invoice finance, a merchant cash advance, commercial mortgage or other secured finance options. We’ve even used bridging finance for business acquisitions or capital raising.
By taking the time to understand your immediate needs and your business journey then we can help with products, not just for the short term but to ensure your business thrives in an increasingly tough marketplace.
What are the eligibility criteria for small business loans?
The eligibility varies with every provider and every type of finance product. Just because you were turned down by a high street bank it’s not the end of the road. No security? No problem! Our lending panel includes unsecured lenders, cash-flow finance and more!
How much funding can I expect to receive for my small business?
How much do you need? As long as there’s a rationale and the lender can see how they will get their money back, then there’s probably a lending product for you! Even if we can’t meet all your requirements at the same time, we can work out a strategy to use different products at different times to achieve your goals.
What documents and information do I need to apply for funding?
Typically we’re going to need to show the lender how they will get their money back and who they are lending to. Also an understanding of what you are borrowing for can make a difference for some lenders. The exact list of documents will vary depending on the finance product and the lender we’re working with.
Are there alternative financing options besides traditional bank loans?
As you see above and on our business finance page, there are many different options, not just for loans but also different providers. So whatever your stage on your business journey, we’ll get you FUNDED!
How can I improve my chances of getting approved for small business funding?
As with any form of finance the more background information we have the better your chances of getting funded! That said, we can work with relatively little information. So talk to our experts about how long you’ve been trading, who your customers are and what you need – we’ll work around you!
Your credit report as well as that of your business will have an effect so keep an eye on your report and do what you can to maintain your score!
How long does it typically take to receive funding after applying?
Again this depends on the type of product, it can be anything from a few days to a number of weeks – so if you have an urgent requirement then let your advisor know and we’ll tailor the solution to your needs.