Every single business in the UK has been impacted by the coronavirus pandemic. Even those businesses that were given permission to continue trading most likely saw a decline in their income.
Other businesses, that were instructed to shut, had to find new ways to work with their clients or customers, with a majority either working from home or being furloughed on the UK government’s coronavirus job retention scheme.
Though businesses were given support by using this initiative, their overheads would have continued to negatively impact their cash reserves.
This created a problem for many businesses, especially those that have existing commitments, like loan repayments and asset-based finance agreements.
If your business has acquired equipment and machinery on asset-based finance agreements, or has taken funds to support cash flow, you may find that this has increased pressure on your finances.
In fact, you may already be eating into your cash reserves and have taken a bounce bank loan or coronavirus business interruption loan, but still have existing commitments from previous asset-based agreements.
What can you do?
Asset refinance could be the solution for you.
Under the same initiatives mentioned above, your business may be eligible to refinance those equipment or machinery purchases, saving your business thousands in interest payments and fees, easing pressure on your cash reserves.
Asset refinance could help your business
Some accredited funders will even be able to offer an initial repayment holiday, meaning that your cash reserves stay where you need them, until trading conditions return to some form of normality.
You may even be able to raise additional funds on your existing asset-based agreements, depending on the equity remaining on them.
This is a sensible option if you have already taken out a BBL or CBIL or not, as it will allow you to raise further funding using assets that you already own, without providing a personal guarantee.
How quick is it to refinance?
The Funding Store have a panel of accredited funders who are experts in their field, we can have same day decisions with fast funding available, depending on the assets and financial information that you provide.
Our service is completely free, we charge no upfront broker fees, any quotes or offers that we provide are completely cost free and non-obligatory.
With competitive rates and fast turnaround times, why not consider asset refinance to release equity that is locked in your assets.
If you think your business may benefit from asset refinance, contact The Funding Store today on 01908 880420, to find out your options.