SME Prosperity & Opportunties in 2021
What will 2021 mean for your SME business?
Here, our Managing Director, Kevin Weaver looks towards the SME market in 2021 as businesses look to rebuild their position and get back to normal, as well as how business finance opportunities will change – in many ways for the better.
“SMEs are full of optimism for 2021. Business will get back to normal, and the doom and gloom of 2020 will soon become a distant memory giving way to rebuilding market position. In turn, this will enable growth as businesses become stronger, bigger and better.
Despite yesterday's new lockdown announcement - predicted by many before the festive season - SMEs are refusing to face another year like last; instead they are gearing up for prosperity, recovery and new opportunities.
The 'ticking over' of 2020 experienced by many will be long gone and confidence and positivity will return . It's evident even now, as businesses are growing in confidence as the Covid vaccine begins to roll out.
What 2020 has taught many of us is that change is the only guarantee. As a result, many companies have needed to increase or take up an online arm to their operations. They have needed to branch out. It's meant that many exciting new opportunities have come to light .
We saw countless businesses taking advantage of CBILS loans this year and we were pleased to be part of the rollout of those, helping many businesses secure the funding they desperately needed. Yet, with these Government backed loans ending at the end of March, the more mainstream UK lending market is set to return as businesses realise the importance of funding and robust cashflow to achieve business growth.
2021 could be one of the best times to take out business finance. Lenders have spent the last 10 months reviewing their offerings and as such there are some very attractive deals in the market. Not only are terms flexible and rates generous, but most importantly the application process has become far more 'real'.
The underwriting is now largely carried out by 'real people' rather than a scored computer generated system. It means applications take into account real circumstances, business forecasts and sympathetically reviews the reality of what a business has endured in the last year.
The entire process for SME finance is fairer – especially to those businesses who have been denied funding in the past or do not have a good credit score. Decisions are more rounded and considerate.
Noticeably these application decisions are made quickly – usually within two or three days – with monies transferred within a week - it's cashflow loans when you need them, that are quick and easy to arrange.
Our guarantee has always been to find each and every SME the right finance, from the right lender, at the right rate. It's our USP – we know what lenders are looking for (or not!) and what industries they may prefer (or not!). This means we ensure each application is accepted and not declined because we only ever approach lenders that are going to be the right fit for the business.
Of course, SMEs can apply directly for their business finance, but often this is a timely affair, with refusals aplenty because they are not aware of lending criteria which can then effect their long term credit score. By using an independent broker like myself, here at Cashflow Bridge, SMEs are assured of securing the right finance, faster and usually at better rates.
The future's bright for 2021 – borrowing will be readily available and SMEs will play a huge part in the UK's recovery against the pandemic.
To speak to Kevin for his help and advice on what SME finance is best for your business simply give him a call. His direct line is 07917 871832 or alternatively you can email his team and one of them will contact you - firstname.lastname@example.org
With access to the whole of the UK lending market, our expert team here at Cashflow Bridge is best placed to suggest tailored lending solutions – whether that is a mix of traditional lending or more alternative finance - it could even be a mix of both. As an independent broker, Cashflow Bridge arranges SME lending including:
- Long and short term loans
- Secured and unsecured loans
- Stock finance
- Asset finance
- Bridging loans
- Same day cashflow injections
- Trade finance
- Invoice factoring and invoice discounting
So bring on 2021 – together let's get your business moving forward with the right finance behind you!