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Banks, Finance, Loans, SME

How can the rising cost-of-living affect businesses accessing finance?

As we have seen on the media the past weeks, the cost-of-living crisis is taking its toll on many businesses around the country. Some are closing their doors for good, although others have managed to flourish in difficult times.

Most recently, one of the biggest worries for business owners has been access to finance, but how does higher inflation and rising costs impact businesses and what can be done?

How does the current climate affect businesses’ financial plans?

  • Some lenders are increasing their minimum loan size and lenders don’t want to do smaller loans, which makes it more difficult to secure loans on your own.
  • Some lenders have started removing some financial products from the market.
  • Following the interest rate increases, some lenders have increased interest rates on their products which mean higher payments depending on the terms of your loan.

But it’s not all doom and gloom, it’s our job to find finance for businesses in need while removing all the known struggles finance seekers go through when applying for finance on their own. A commercial broker can set your business for success for the coming years; it’s just a matter of finding the right opportunity. We often see clients initially thinking finance cannot be accessed, but we can work our magic and make it happen.

How can ASC support businesses in the current climate?

  • Each business has different financial needs, so we offer a free initial no obligation consultation to navigate your opportunities. So, there’s no cost to finding out how your business can flourish in challenging times.
  • We can still place deals through lenders; it’s the nature of our business, and we have a large panel of banks and independent lenders to speak to.
  • As a company, we have been through more recessions than we can remember, so you get 50 years of success on your side, plus unlimited communication with your local Director.

The last quarter of the year is usually busy time for us commercial brokers, which usually means plenty of lenders approving finance, so get in touch with us today so we can assess your individual situation and help you access the right finance.

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