Alternative finance crucial for Yorkshire businesses planning to expand
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We work with authorised partners of the British Business Bank for the Coronavirus Interruption Loan Scheme
We work with authorised partners of the British Business Bank for the Coronavirus Interruption Loan Scheme

A recent survey has found that 88% of Yorkshire SMEs feel confident about their business going forward into 2017. The findings are part of a survey from Aldermore that shows business leaders in Yorkshire see revenues remaining static or growing next year.

Commercial finance

However, it is not just revenue anticipated to grow as nearly 40% of UK businesses are looking into growing by launching new products and services while 30% are looking at entering new markets. Despite an uncertain economy, Yorkshire’s SMEs remain positive about next year and not only weathering the storm but doing well despite it.

With these businesses planning on expanding, they will be relying on new funding streams and increased capital to put into their business. Carl D’Ammassa, group managing director of business finance at Aldermore, agrees that investment is important; “It is certainly encouraging to see that SMEs remain positive… Such business expansion is often underpinned by external funding or investment, it is therefore crucial that companies can access the funding they need to realise their growth ambitions.”

alternative finance yorkshire businesses

Using personal savings or applying for a bank loan are common ways to obtain finance for your business however if you are unable to obtain a bank loan, alternative finance methods are starting to become much more popular. Asset finance, invoice finance and other products are all financing solutions suitable for almost all businesses and sectors.

At WF Financial Solutions, we offer alternative finance solutions to a variety of clients by offering the best solution for their business and their cash flow issues. Our experienced staff are friendly and knowledgeable about many aspects of business finance. They can often arrange confidential finance solutions for you if you are worried about how this may affect relationships with your clients and suppliers.

Some of the services we offer include:

  • Factoring – a useful finance solution for B2B businesses which issue invoices, taking the stress out of the invoice process whilst protecting your cash flow.
  • Invoice discounting – this is mainly used for larger companies wishing to enter into a confidential financial solution. It works in the same way as factoring but as previously mentioned it is confidential and interest/charges are usually lower.
  • Asset finance – this works in the same way as a mortgage but instead of borrowing against a property, you borrow against a fixed asset of the company such as machinery. It is beneficial to spread costs of new equipment or as a refinancing tool.
  • Refinancing – this is a way of releasing cash tied up in fixed assets. This could be property (i.e. real estate) or plant, equipment or vehicles already owned outright or which contain equity.
  • Bank overdrafts and facilities – all businesses have a bank account but we can help those businesses unhappy with their bank to move to a different provider. We can introduce clients to all major banks and provide assistance in re-banking.

Those are just some of the financing solutions that we offer to our clients and businesses of all sizes. If you are considering growing in the new year, our friendly, professional team have all the information you require to find the financing option that is suitable for you.