We had great fun last week as guests on Kent Biz Connect Radio. Thank you to Martin and Tracey for inviting us on and for hosting a fascinating discussion.
During the interview we covered a whole variety of topics, including:
- the inexperience of many current frontline bankers and how machine-led decision making and fintech can be a force for good for strong companies, but doesn't understand the nuances of many ordinary businesses that need to have someone in their corner.
- the passing of the days when customers would see their local bank manager as a stakeholder in their business, somebody who could be asked for advice or short term support and who would know the account straightaway
- how Productivity Finance is stepping in to fill that role.
- the options for start-up funding including Government support and the criteria for the Start-up Loan Company (for businesses up to two years old, can still be pre-revenue or loss making, but do need a business plan. Funds available from £500 - £25k at 6% fixed with no fees).
- where you can go after two years when mainstream funders should be ready to listen
- the difference between Peer-to-Peer loans and crowdfunding
- the benefits of working through a broker
- the many different types of funding out there and how most businesses think they want a loan whereas what they really need is something very different, perhaps a revolving credit facility, invoice finance or asset finance
- the importance of seeking advice from an independent and impartial expert.
- the availability of a free Business Borrowing Review from Productivity Finance, which could reduce the cost of current borrowing and make sure you're getting the right product and deal for any new requirements.
Listen and enjoy. If you want to find out more, contact Tamara on 07741 478221.