Small Businesses Rely on EU Funding – So What Next?

With Britain's exit from the EU drawing ever closer, small businesses are facing a dilemma: where to get their business funding from. According to a recent survey conducted by Hiscox of 500 small businesses, 38% said that they rely on EU funding, and 35% said they were worried about the lack of options available. However, all is not lost! This article from 365 Business Finance will cover the best funding options available for small businesses.

1: Business Cash Advances

Business Cash Advances are a great way for small businesses to secure capital ahead of Brexit. Business Cash Advances are affordable, easy to apply for and no security or business plans are required. Here at 365 Business Finance, we offer business cash advances of between £1000 to £100,000, with approval within 24 hours. Flexible repayments are made based on your card sales, providing a secure business cash advance with no hidden fees. 

2: Bank Loans

Traditional bank loans are still the most popular form of funding for small businesses. Banks such as HSBC, Lloyds bank, Santander and Barclays all offer small business loans. These are widely available and accessible, but require a business plan, pitch and often come with high APR's. With the rise of peer to peer loans and business cash advances, there are more modern alternatives to bank loans.

3: Peer to Peer Funding

Peer to peer funding is somewhat of a recent phenomenon. Traditionally seen as being highly risky, brands such as Zopa have revolutionised the way peer to peer funding works. Peer to peer loans typically allow for fast funding, with slightly lower interest rates as the banking middle man is cut out. Peer to Peer funding is also regulated by the Financial Conduct Authority.

4: Crowdfunding

Crowdfunding is another great way for small businesses to get funding on their latest project. Websites such as Crowdfunder allow patrons to donate money to a worthy cause or business they believe in. The great thing about Crowdfunding is that you are under no obligation to pay back the money that has been donated but you do have to reach your goal in order to receive your donations. Miss the goal by just £1 and you will receive absolutely nothing. However, there is no risk in Crowdfunding because of this reason. So, if you have an interesting project, give it a try!

While Brexit may remove a large amount of funding for small businesses, there are always other options available! To get a quote for our Cash Advances, Click Here.