The bank is your primary financial provider, but sometimes you may find that they cannot help. So where do you look for business funding if the bank says ‘no’?
Quick takeaways if you’re in a hurry
- There are situations where the bank will say no to additional lending. It’s important to explore your options now so that if you need funding fast and the bank can’t help, you have other solutions in place
- Fifo Capital offers a range of products that are designed to help you deal with cash flow shortages and keep your business growing
- Finance products need to be right for your business. Fifo Capital takes a 360 approach to matching the right product to your business to create long term solutions.
Read on: Business funding: where to go if the bank says ‘no’?
(estimated reading time: 5 minutes)
There’s no question that a healthy banking relationship is a must for any small business. But sometimes – especially when time is of the essence or an opportunity falls a little outside the traditional checklist – the bank can’t always help.
Whether you’ve reached your lending limit, or your bank has re-assessed your security rating: sometimes the factors that affect your ability to borrow are outside your control. And if accessing cash is all that stands between you and growing your business: we’re here to help.
Growth can often need funding directly, but sometimes it impacts your ability to manage day to day costs and the expense of operating your business. Wherever your need lies, we have a financial solution that will help you to keep your business moving forwards.
“The question is – where do you go when the bank is unable to help either due to time frames or restrictions on current facilities?” Says Colin Chisholm, Managing Director, Fifo Capital.
“We see this kind of thing pop up for quality small businesses regularly. If there is a good business reason for the loan – and a good business to support it – nine out of 10 times we’ll be able to structure a smart loan solution. And importantly for the small business owner, we’ll do it quickly – if not that day, the loan will be in place the next day.”
“It’s a 360-degree approach: simple, robust lending solutions without the need for long-term contracts. As a privately held finance company, we can be more innovative in our approach and work closely with our customers to find the right solutions for their cash flow needs. And we understand the needs of small business, because we’re business owners too.”
If you invoice your customers need to boost your cash flow, invoice finance could be the product for you. It’s simple to use and allows you to access money that’s locked up in invoices that are not due to be paid yet. If you suffer from long payment periods this could be the product for you.
Simply choose the single invoice, or group of invoices, that you want to use. Fifo Capital effectively buys the invoices from you and advances you up to 90 percent of their value straight away. Your customers then pay the invoice value to us on the due date, and we pay you the remaining amount, minus our fees.
Invoice finance is fast to set up and turnaround, and because it only relies on your customer as security, it’s a great option for accessing finance without impacting any existing banking relationships.
Need to find the funds to buy your stock and bring it into the country? Ask us for help. We can set up a stock loan that will fund your stock purchase, using the product itself as security. It’s a quick and easy way to access the cash you need to get your business (and stock) moving.
Short term business loans
If you need a lump sum of cash to support your business then one of our short-term loans could be a good solution. We can set up repayments to suit your business needs, and you can enjoy terms from three to 12 months. Don’t let your ability to access cash get in the way of that next big growth opportunity.
If you see an opportunity to grow your market by offering your product in conjunction with a payment plan, we can help you realise that opportunity. Our payment plans make it possible to broaden your market without incurring the cost of complex infrastructure, and having to shoulder the delay in receiving your cash.
We organise the payment terms directly with your customer, and give you the cash upfront. The cost of interest is charged to your customer, but you can choose to structure payment plans as interest free if you would like to offer added benefits.
Invoice Finance, Cashflow Solutions and Business Loans
Fifo Capital are experts in cashflow solutions for small to medium business. Find out more about invoice finance and our fast business loans here: