Even when they’re particularly successful, many business owners still have a lot of anxiety about their finances. Money is a tricky topic in general, which extends to our personal lives and is influenced by our culture. Asking someone what they or their business earns at a dinner party in the UK is considered pretty rude, but in other cultures it can form part of a fairly normal conversation.
When it comes to asking for business finance, many small business owners face rejection. In 2015, over 300,000 businesses looked for finance and 26% were turned down. Further research from the Competition and Markets Authority (CMA) in May 2016, found 90% of SMEs get funding from the bank they already use, rather than exploring other options.
As intimidating as it might seem, the Small Business Enterprise and Employment Act 2015, and alternative finance providers, are helping small business owners to see the process clearly and fully explore their options.
The First Step is to Ask
In her 2013 TED Talk, Amanda Palmer discussed ‘the art of asking’ and our natural fear of judgement. Using her own experience as a street performer, Palmer discussed the fact that asking for what we need or want can make us feel too vulnerable.
Putting all your financial documents out for a bank or loan advisor to judge is an unpleasant prospect, but asking for funds doesn’t mean you have to feel exposed. By communicating and connecting with finance options, you can improve your chances of being approved. And remember, if you don’t ask, you don’t get.
No More Stacks of Paper – The Application Process is Fast and Simple
Some business owners might ignore the possibility of sourcing business finance because they’re concerned about the time and effort that goes into applying. It’s daunting to put an extensive, thoughtful application together and then wonder if you’ll be rejected or not.
Capify’s application process is quick and simple to complete. You’ll receive a decision within 24 hours, and the money will be with you in days if you’re approved, so there’s no hanging around. As a bonus, all this support is provided by real people, based in our offices in Altrincham.
Repayment Can be Flexible and Easy to Manage
People who are interested in taking out business finance often have a lot of questions – How much will I have to repay? How often? Will interest rates increase over time?
Capify can answer all those questions confidently before you even start your application. With the Merchant Cash Advance, we will take a pre-agreed percentage of your daily card transactions until it’s repaid. The Capify Alternative Business Loan is similar too – we’ll collect small daily amounts from your business bank account over a period of 6 to 10 months, whichever you prefer.Get A Quote