If your business growth is stable and you are ready to expand, there are many alternative ways you can generate funds. For some businesses, walking into a bank and securing a loan isn’t the best option, due to credit history, limitations and the size of the business. Alternative funding can be more practical, easier to access and can save your business money on costly repayments or charges, so it is wise for all business owners to consider their options. We look at alternative ways for funding business expansion.
Preparing for future success
Business expansions are always exciting and if you’ve outgrown your current capabilities, you may need to invest in a new office or warehouse fit out or specialised technology. If you’re struggling to keep up with customer demand, your equipment isn’t up to date or you have a new opportunity that you need better technology to complete, you might automatically turn to business loans. However, there are so many other finance options available for your business today, so it’s worth looking at the pros and cons of each funding source before you take the leap.
What are some alternative finance options for business owners?
There are a number of reasons why businesses need capital to expand, from hiring new staff to accessing new technology to entering new markets. It’s important to think creatively when you are finding alternative ways to fund your business growth, including hire purchase, lease rental and property finance. Other options include small business grants, crowdfunding, angel investing and asset finance.
Why choose alternative finance?
Alternative funding is usually a better option than taking out a business loan because morally, you aren’t required to pay as much interest back. If your business needs particular assets in order to grow and expand, you should also consider leasing technology equipment rather than buying it outright. Many business owners find that leasing technology is more affordable in the long run and they are able to upgrade their business more often.
To learn more about the alternative funding options available to you, contact the team at Tower Leasing today.
Funding business expansion
Tower offers a full range of finance solutions – products and services aimed at business development and growth. Regardless of how much capital you need or how big you are as a company we can normally help. Our transaction size starts from as a little as £1,000.00 and we have arranged funding facilities for brand new starts ups with little to no trading history to those turning over millions of pounds. Read about our alternative finance options or get in touch to discuss how we can help with your business expansion.