Raising Finance In the Modern Day


At the current time with all the uncertainty surrounding the economy as a result of the COVID-19 outbreak, many businesses are seeking funding to assist them with cashflow through this difficult period.

Previously, the routes to achieve finance were very manual with lots of form filling and all applications required the applicant to collect and send the provider financial documentation to support the business application. As a result, the process was very lengthy and proved to be a stressful time for the business as it waited to see if funding would be granted. However, with the rise of cloud accounting applications the world of funding has dramatically changed. Gone are the days of manual form filling and lengthy delays. Now we have new applications and organisations that can assist in finding finance solutions for businesses. All are fully digital, fast and there is a vast range of finance products available.

From an accountant’s perspective, this world of finance creates an opportunity for us to support the business and assist them in their fundraising. This is a huge advantage for the accountant as we know the business an can advise the client on their cashflow requirements and prepare forecasts and projections so that they can ensure that they obtain the correct package for their business. There are a wide number of applications and providers and we have listed below a selection of those in the market.

Capitalise

Adviser-led funding platform, Capitalise.com is providing confidence in times of uncertainty by supporting a wide network of accountants and small businesses with a free centralised support hub. This business hub provides up to date information on government policy, lender criteria and what solutions are available to businesses to protect themselves. This is In addition to their specialist funding team being on hand to support all businesses to find the right funding solution and help them through this time of crisis. Capitalise is also partnering with experts to bring to the accounting community additional insight into:

  • How can small businesses access the finances they need
  • What does the Coronavirus Business Interruption Loan Scheme ("CBILS") from the British Business Bank actually mean and how is this accessed
  • What Corporate Finance teams can do to support clients
  • How accounting firms can work remotely, effectively.
  • How accountants can remain compliant - whilst doing all they can to support clients.

Growth Street

Growth Street started in 2014 with one clear thought in mind: we think great businesses are struggling to access the working capital they need. So, our mission is to give small and medium-sized enterprises (SMEs) the tools to grow. We built our flagship lending product, GrowthLine, to try and help fix this. GrowthLine works like an overdraft, you can draw-down and repay as and when you need it. There’s no minimum or maximum length of time you’re tied to us either, making GrowthLine the perfect tool for growing businesses. Borrowers can apply for between £25,000-£150,000 and a decision could be made in less than 24 hours, with the funds available shortly after. GrowthLine connects to major accounting software packages so all the heavy lifting is done for you.

Funding Options

Funding Options is the leading marketplace for business finance, helping businesses across the UK and Netherlands find the right funding for their situation. With 200 + lender partners, Funding Options is delivering hundreds of millions of pounds in vital finance to thousands of businesses every year. Whether you're looking for a buffer of working capital to get you through tough times, finance new assets or expand your workforce.

Our award-winning technology searches the market to find the right funding options for your situation. It takes minutes, there’s no obligation, and it’s easy to use. A dedicated team of experienced Business Finance Specialists are there to take the legwork out of searching for business finance, ensuring customers can focus on what matters most - running their business.

Funding Options is one of the winners in Nesta’s Open Up Challenge for Open Banking and has been designated by HM Treasury for the bank referral scheme, to help UK SMEs find alternative finance when they're unsuccessful with the major banks.

NatWest Rapid Cash

Natwest Rapid Cash is a flexible overdraft alternative that connects seamlessly to Xero, Quickbooks, SAGE, Kashflow and FreeAgent.

Rapid Cash is a flexible overdraft alternative for your business to borrow against your unpaid customer invoices. It is designed to offer complete flexibility over the amount you choose to borrow, for how long, and which debtors to finance against.

  • Pricing is transparent and simple - there are no exit fees or fixed monthly repayments.
  • For limits £25k-£300k, there are no arrangement fees and rates range from 4.5% - 8.5% above Bank of England base rate.
  • For limits above £300k, rates range from 2.75% - 6% above Bank of England base rate and an arrangement fee of 1.5% applies
  • The process is entirely digital, with no paper forms to fill in. Even the legal contracts are signed electronically.
  • Eligible to businesses with an annual turnover of at least £100k, 6 months of trading history and are either a
  • Limited Company or Limited Liability Partnership in England or Wales. The product requires security, including a business debenture. We do not require any property security.

iwoca

iwoca is finance built for small businesses. Trusted by accountants nationwide, we provide fast and hassle-free business loans of up to £200,000 to clients.

Accounting firms can introduce clients using our simple online application, share Xero data or digital records in seconds and get credit decisions within hours, sometimes instantly. Even save time on bookkeeping as iwoca automatically posts loan information back into Xero.

Satago

Satago integrates seamlessly with 300+ accounting software platforms to provide an all-in-one credit control, risk insight and alternative finance tool that gives businesses everything they need to get paid on time. Satago empowers you to give tailored advice to your clients on their debtor book and easily customise and automate their credit control processes. If cashflow gaps do occur, we provide a suite of alternative finance solutions that can help bridge the gap, so business owners can concentrate on the goals that matter most to them.

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