I always liken the availability of funding to opening up a treasure chest.
Every week at Pierce, we meet funders representing a variety of financial institutions to keep ourselves up to date with financing availability and options.
Just this last week, we’ve met a Merseyside-based invoice finance firm and a London-based private equity house looking to provide debt-based private capital to Lancashire companies.
There really does seem to be more funding available than there are homes for it.
In my opinion, if your business is profitable, there will be funding available to provide for both working capital and growth investment.
Our job at Pierce is to find that money for our clients and thereafter to structure the lending so that it works for them and comes at the best possible price.
If you are looking at wholesale expansion or a management buyout, then you need something sophisticated – which will clearly be at a higher cost, but options are still available to you.
We work closely with all the banks locally and they all have money to lend. Their appetite towards sectors may come and go, so it is all about knowing the man or woman who can.
As ever, give yourself a fighting chance by presenting your case well with your accountant’s help.
Ensure you have financial information such as your latest year end and management accounts, budget for the current year and detailed projections including monthly cashflow forecasts.
Then you can open up the treasure chest……………………………