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hi rob warlow from business loan services and welcome to my Friday
business finance bulletin
weekly roundup of news tips ideas and strategies
on raising finance and dealing with banks so what's been in the news this week
well business peer to peer lender funding circle
has announced that it received another 40 million pounds from the British
business bank
and this forty million pounds is to on lend to UK business owners
through its platform and to on lend alongside the private investors
who are already and there with funding circle and this comes on the back of 20
million pounds
which it lent last year through funding circle and has been exhausted
so this is a new slug of money coming in to get out there to UK business
owners
that's great news because it's a great sign of confidence that the UK
government has
in this alternative lending markets just good news
for everybody rebuilding society another business peer to peer lending
platform
has announced a competition during the month of March
if you're a business owner who successfully gets a loan funded up to
50,000 pounds
your name will go into a hat and if your name is drawn out
rebuilding society effectively say you get that loan
interest-free yes no interest to you now it doesn't mean that the lenders who
support you
don't get their interest they do as rebuilding society just pay
the loan interest on their behalf so it just means that you can opportunity to get
interest-free loan and it doesn't get better than that does it
so check it out rebuilding society they
have also released an interesting survey around now the whole
issue of awareness around crowdfunding
and they found that 13 percent of small business owners
plan to raise finance through peer to peer lending this year
and it just shows that awareness is now beginning to gather pace
so very interesting check it out what about the traditional
lending market well the UK government via the Treasury select committee
has decided to hold yet another review into SME lending
access to finance how Banks treat small businesses
You have to wonder how many of these reviews do we need
but hey there we are its ongoing and the fact that they
realized early on that perhaps they have missed the boat because they were
representatives from
FSB and the CBI said you know what the crisis is kind of over
finance is starting to come through yes banks have got lessons to learn
I know that some good things will come out so it will be interesting to see
how that comes along. Another survey from the manufacturing advisory
service
took a look at confidence levels
and interestingly it said the eighty-six percent the business owners
in manufacturing particularly are looking to invest in capital equipment
this year
an average they're looking to invest £121 thousand pounds
in new equipment again a very positive sign
so if you are one of those manufactures looking to gear up this year
in order to either increase capacity or put new product in place
or just improve efficiency generally don't forget to check out
asset finance is a great way of funding the purchase
of those types of assets so what's my tip for you this week
well this week got two interesting commercial mortgage enquiries
through this week and two particularly actually
didn't quite fit the normal criteria so what we did we was
put a very short synopsis together and spoke to a couple of lenders
that we normally use and say this is the deal it doesn't quite
tick all the boxes but we think there's some good stuff in here
what do you reckon and so we got some great feedback
as to what the appetite was like a more critically what they would want to
see
in those particular applications in order to get that approval
so this is my tip for you this week if you're looking
to borrow money and you're not quite sure whether you meet all the criteria
why not just ring up your bank and say listen we would just like to give you
a short synopsis an overview and can you give us
an early indication as to what you see here
as to whether you think this is the deal you will do or a deal you won't do
or is it a maybe and subject to change this and that
it just gives you a great steer and avoids you investing
too much time and money in case it's a complete no no so that's my tip
do some preparation beforehand and check it out
It hope you enjoyed this week's video and look forward to being with you
again
next Friday afternoon to share some more tips ideas and strategies
on raising finance and getting that at all too elusive yes
catch you next Friday bye now