A new business finance brokerage, Acceptance.co.uk, has launched with a mission to help UK businesses find better funding deals and avoid paying more than necessary for loans.
Founded by Daniel Tannenbaum, the business was established after recognising the continued financial pressure on small businesses in the UK, the need for affordable finance and how many companies accept the first finance offer they receive, often without realising that better rates and more flexible terms may be available elsewhere.
With some business finance products carrying interest rates of 30% to 50% or more, taking the time to explore alternatives could make a significant difference to a company’s finances. From managing cash flow to settling urgent tax bills, the cost of borrowing can have a direct impact on a business’s ability to operate and grow.
“Businesses often feel under pressure to secure finance quickly, particularly when they have a tax bill to pay, staff wages to cover or an opportunity they don’t want to miss,” said Tannenbaum, founder of Acceptance.co.uk. “But accepting the first offer isn’t always the best decision. The most well-known business lenders in the country are the ones that you might turn to first, but they are also carrying some of the highest rates.”
“By taking the time to ask around, compare lenders and explore different funding options, businesses may be able to secure a much better deal.”
The brokerage works with a select panel of lenders to help businesses explore suitable finance options, with the aim of finding competitive rates, appropriate repayment terms and the best chance of approval for their circumstances.
Funding can be used for a wide range of business purposes, including paying HMRC liabilities, managing working capital, covering payroll, purchasing equipment, refinancing existing borrowing and financing expansion. The service also caters to specialist requirements, including finance for dentists, professional practices and small and medium-sized enterprises (SMEs).
A key part of the company’s approach is helping business owners understand that high-cost commercial borrowing is not their only potential option.
Depending on the circumstances, certain government-backed or government-supported finance schemes, like The Growth Guarantee Scheme, may offer rates below 10% APR.
“There is a criteria for these lower cost loans, your business may need to have been impacted by covid or other competing terms. The availability also depends on the scheme, lender and applicant’s eligibility.”
The application process on Acceptance.co.uk is designed to be straightforward and free of charge. Businesses can submit an enquiry online, allowing the team to assess their requirements and explore potential options through its lender panel.
An initial assessment will usually require three to six months of business bank statements and the most recent set of company accounts, although requirements vary between lenders.
Where supported by the lender’s process, initial enquiries can be assessed without affecting the applicant’s credit score. Any subsequent credit checks will depend on the lender and the stage of the application. There is no obligation to accept an offer or proceed with any finance.
Most business loans are subject to personal guarantees from the individual borrower as added security for the lender.
“Our aim is to give business owners more choice and help them make informed decisions before committing to borrowing,” added Tannenbaum. “Whether they need short-term funding to bridge a cash flow gap or finance to support their next stage of growth, we want to help them understand what options are available and whether they could secure a better deal.”
Businesses can apply for free and explore their finance options by visiting acceptance.co.uk.