As the high street banks continue to tighten their purse strings in the post-crash era, it’s no surprise that asset finance is now the lifeblood of many UK businesses.
From a virtually unknown concept, the asset finance market has boomed over the past decade, as cash-stricken businesses search for alternative providers to lend a helping hand in lieu of traditional finance.
The SME market in particular recorded a £200m dip in bank loans during Q2, whilst asset—based lending (ABL) released more than £18.9bn over the same period.
Despite tough times, small to medium-sized businesses remain resilient and continue to plan for growth…yet more must be done to raise awareness of this diverse pool of finance sources.
In our opinion, accountants and business advisors need to recognise the benefits of tapping into asset finance, which would not only spur growth and provide financial stability for their clients but also themselves.
Like Sir James Dyson once said: “You are just as likely to solve a problem by being unconventional and determined as by being brilliant.” As the founder of a £1.2bn business and someone who was deemed ‘too risky’ by most banks in his start-up days, this shining example of British entrepreneurialism should spurn a new wave of thinking.
A personalised approach
Here at Praetura, we recognise that no two businesses are the same, which is why we work with our clients to provide best-fit lending solutions that are bespoke to financial and business needs.
For more information on how asset finance can help you, call us today on 0333 323 7800.