No loan? No problem! Michael LansdellFeatured Products Promotional Features
Posted by: The Probe 29th November 2017
Cash flow is an issue for many SMEs, including dental surgeries. Once running costs such as staff-related expenses have been accounted for, spare cash can be hard to find. SMEs from all sectors are finding that successfully securing a loan from one of the big high-street banks isn’t always guaranteed either.
Enter a government-backed referral scheme that helps small businesses that have failed to access finance from the major banks. The premise is simple. Launched at the end of 2016, the initiative requires nine of the largest banks to pass on the details of any SME they have turned down for finance to three alternative platforms (a forth is due to be added in November 2017). These platforms will then help the business communicate with any provider who is interested in helping.
SMEs should be allowed the chance to grow. Take the example of a dental practice. Investing in a new piece of hi-tech equipment, or building work to add a surgery room, or an overhaul of the reception area… all of these things can drive up patient numbers and increase profits. The UK economy needs to get itself into a place of robust health in the months and years ahead. Giving SMEs the chance to contribute to its potential is essential.
So far, the scheme has helped nearly 250 SMEs around the UK. The average loan amount has been £16,000, although one business secured £500,000 in order to fulfil its plans. The total amount received from alternative lenders is nearly £4 million.
The chances are that many dental practice owners, overwhelmed by day-to-day pressures and bleak economic predictions, won’t be aware that such a scheme exists. This is where the support and guidance from a financial expert, such as the accountants at Lansdell & Rose is essential. Don’t think that advice starts and ends at help with tax returns – being one step ahead, thinking of the future and knowing where a much-needed cash-injection could come from is a crucial part of financial planning.
Research from HM Treasury has shown that over 70 per cent of businesses looking for finance only go to one provider. But a “no” doesn’t have to be the final answer! This innovative scheme can breathe new life into your plans, meaning they won’t have to be delayed or abandoned altogether.
To find out more, call Lansdell & Rose on 020 7376 9333,
Or visit www.lansdellrose.co.uk
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