Merchant cash advance loans

Merchant Cash Advance For Small Businesses In Bristol

What Is A MCA loan?

Merchant Cash Advance is a business loan. Businesses across the UK can access flexible funding, quickly. You the business owner can release funding against previous and future card sales. However, before we delve into how merchant cash advance (MCA for short) can benefit your small business, you’ll need to know how it works. It’s one of the fastest-growing forms of financing a small business in Bristol and the UK. This is because it’s a quick and flexible business loan. Especially if you are a new start business or one that has historically found it challenging to secure business finance.

Whether it was using a commercial finance broker like ourselves or a merchant cash advance company direct. MCA loans are a brilliant way of sourcing commercial finance on the same day. Or if you are completely new to a merchant cash advance, the same week. MCA gives the business owner a clear and easy repayment structure on the business loan amount. One prerequisite to a merchant cash advance is that you take card payments. Most small businesses must take card payments. Especially with Covid bringing in tighter restrictions on cash payments. So, if you take card payments and are looking for an easy business loan, then a merchant cash advance could be the solution for you.

 

 

Why is merchant cash advance popular with bars and restaurants in Bristol?

 

Hospitality businesses in Bristol and across the UK were heavily impacted by Covid. Lockdown restrictions hindered revenue for bars and restaurants in Bristol. They had to diversify into new income streams such as online delivery. The consequence of this was card payments increased through card machines and online payment gateways. This meant that card payment was more important than ever. Since mid-2020 card payments have soared and therefore merchant cash advance has followed. If you own a restaurant, bar, pub or are involved in the hospitality sector MCA loans can really benefit you. With sales fluctuating month by month merchant cash advance keeps cash flow strong.

This is because when you take more card payments per day the quicker you repay the merchant cash advance business loan. When you take less, you repay less of the MCA loan. The reason being is you repay a daily percentage of card sales. This is called the daily sweep of card repayments. Pinnacle Finance the commercial finance brokers in Bristol will work with you to find a solution that fits your business.

 

Unleash The Power of Merchant Cash Advance

 

MCA loans can be an incredibly quick and flexible way of funding a B2C (Business to Customer) business. As it takes an average of previous merchant card sales and based on this provides a loan amount. It allows you, the business owners, to access a greater loan amount with the flexibility of repayments. It controls cash flow as you are merely repaying the loan from the transactions taken. It mitigates you from getting behind with payments. When business is booming as a result of the merchant cash advance loan you can repay the loan quicker. Thus, reducing the interest paid on the loan and making it a very cost-effective way of borrowing.

Hopefully, you are now getting a feel for how powerful merchant cash advances loans can be and the impact this could have on your business. If you are needing a loan for recruitment, business premises expansion, or general cash flow this could be the solution for you.

 

 

How Much Can I Get Through a Loan?

 

The amount you can borrow through MCA loans will be dependent on the amount and type of card transactions you take. You could be an e-commerce business trading on eBay and Amazon. These types of businesses generally attract high turnover and lower profit margins. Traditionally it can be difficult to access commercial finance as a consequence. Merchant cash advance cuts through this noise.

It will track the payments through the payment platform you are using. The deposits into the business account and how frequently will be a factor for the merchant cash advance loan provider. This is because the MCA loan provider will collect payment daily from sales. Thus, keeping cash-flow strong so you don’t have lump-sum payments each month. As an average, if you take 1 to 1.5 times monthly card sales, this will give the loan amount. Of course, this can be increased or decreased depending on the business sector, business credit, and other lending factors.

 

 

What Is The Cost Of A MCA Loan?

 

Traditionally a business loan will carry an interest rate. This will be levied on the loan amount. However, a merchant cash advance is repaid differently. This is mainly due to the flexibility of the loan. It’s charged at a factor rate and sweep rate. This simply means the rate at which the loan will be repaid. The loan provider will work out how long it will take for the business to repay the merchant cash advance loan.

Obviously, this can fluctuate if sales increase or decrease. Presuming you invest the money into the business and increase sales. This will reduce the time at which the business loan is outstanding. Resulting in cheaper loan borrowing. Hopefully, you can start to get a feel for how this type of commercial finance works. As the MCA loan providers get confident with you using the facility, they top-up the funding. So as your business grows, so does the funding. It’s like having an investor behind you. If you feel it could benefit your business or want to know a little more get in touch with one of the team at Pinnacle.

More Customer In Bristol

Find More Customers In Bristol This Holiday Season

Find More Customers In Bristol This Holiday Season

 

Maximize your business sales this holiday season by upgrading your marketing. No need to leave behind any traditions or strategies that are already working, like setting up a festive storefront or running promotions, but it’s a great time to mix things up. Keep reading as Pinnacle Business Finance in Bristol and how we outline some ideas for leveling up your business marketing this year. Especially if you run a small business in Bristol.

 

Engage With Customers

 

Far too often, businesses think they can just create an online profile and call it a day. Trust us when we say that having a profile on a site is only the first step. Instead, you should opt to have a few social media accounts where you interact with your followers on a regular basis—including those that leave negative feedback.

 

Far too often, we see businesses in Bristol and across the UK, who decide not to interact with people who leave them negative feedback simply because they think if it goes away, no one will see it. In actuality, most customers will hyper-focus on negative feedback to see how you handled the situation. Some companies think they can avoid this by deleting anything negative; however, followers will notice this as well, developing a rightful distrust of your brand. Instead, look to combat both positive and negative comments so people know you’re a real person who values their feedback.

 

Marketing Your Products with Giveaways

 

Giveaways are one of the most popular social media events on any platform, and it’s easy to see why. Many brands have blown up practically overnight thanks to giveaways they’ve offered, and you can be a part of that as well.

The best way to gain followers from it is to tell people to tag a certain number of family or friends under your photo of the item in question and select a winner from the applicants (trust us when we say it’s best to avoid letting family and friends enter). This allows everyone who was tagged to see your page as well as what you are selling.

A word of warning on this one. Do not give away things that you do not sell. Putting the latest electronics up will get you a lot of temporary followers, but they’ll leave after they don’t win the product.

 

Rebrand with a New Logo

While you’re freshening up your marketing approach, why not include your logo in the mix? Your business logo is a great opportunity to strengthen your brand and become recognizable in the market (if it’s done right). If you like to get creative and want to save money on the logo design, check out one of the many logo makers available online. You won’t miss having a professional designer with a wide range of customizations available, and how cool is it to say you made your own logo?

With that said, if you aren’t the creative type, hire a freelance designer to take care of your logo for you. Freelancers are the perfect way to get extra help while you’re busy preparing for the holiday rush. Looking to branch into new ways of marketing like TikTok? Search online job boards for TikTok agencies and hire one that can take of everything for you.

 

 

Get Last-Minute Shoppers

 

Last-minute shoppers are usually running out of ideas or time (or both), so why not create a gift guide for them? Showcase some of your most popular products in an assortment of gift guides that customers can easily scroll through. The best part? You can make these for the entire family. Look to create gift guides for kids, parents, family, friends, and more and have them readily available to scroll through on your website. These gift guides will allow you to connect with your shoppers as well as make their Christmas lists for them.

Last-minute shoppers are also on the hunt for fast shipping and discounts, so consider offering those as well. Guaranteed shipping before Christmas is a huge selling point. Also, don’t forget to clearly communicate any shipping deadlines or changes in your store hours to avoid any frustration from customers.

 

Sleigh the Holiday Season

 

Preparing for the holiday rush with more and more new customers rolling in is exciting. See the success you want by making use of our suggestions along with any of your go-to methods from years past. Striking the right balance between in-store and online is an art, but remember that anything that doesn’t work as you’d hoped is simply a lesson for next year. Have a happy holiday season!

 

Positive Business Cash Flow

4 Tips on Maintaining Positive Business Cash Flow

 

​Whether you have an established business in Bristol, England, or any other part of the world, the long-term success of any company relies on one thing: Cash Flow. Proper metrics and figures are essential in any business to calculate the cash flow, and irrespective of how much money you’re earning per month, maintaining a healthy and positive cash flow is crucial. Now the question is, ‘How to sustain it and what do you need to do for that?’ Here’s the answer.

Monitor the Cash Flow Permanently

 

How do you check your business’ cash flow? How often? Monitoring it weekly is excellent, but if you do so daily, it’s even better as it helps you track your financial information efficiently. Moreover, you can use accounting software or hire an accountant to make the process simpler, generate quality reports, reconcile your accounts, handle your taxes, and so on.

 

Consider working with a freelance accountant as it will help you avoid taxes, and even though they may not be from Bristol, England, or nearby areas, they can handle your system online. Per Accountancy Age, you can expect an accountant to charge around £35 per hour per hour, although the cost can differ based on their expertise, skill, and how much work they need to do. Another option – if your business is in a tight spot – is working with a company specializing in cash flow finance facilities like Pinnacle Business Finance to secure funding.

Get Your Invoicing and Scheduling Right

 

Your clients may not pay you on time if you send them inaccurate invoices, and it makes a poor impression. Ultimately, this will negatively affect your cash flow. Ensure that all the necessary data on your invoices is correct, add a pricing breakdown, and make sure that you include all your payment details so your clients can pay you. This saves a lot of time, numerous questions, and fixing mistakes, and ensures that you have the money in your bank account as soon as possible.

 

​In addition, it’s essential to ensure you discuss the payment details early on when you sign a new client. Numerous entrepreneurs usually forget this due to the excitement of landing a new client and then waste precious time sorting it out later. Agree upon a payment date or make sure that the client knows when they have to pay.

 

Similarly, when staff are distracted by scheduling concerns, they won’t perform well for you. Many businesses in Bristol and beyond find permission-based shift scheduling is a winning strategy, as it allows for creating and publishing schedules quickly and cleanly while on the run. With popular software options like Quickbooks, you can take advantage of drag-and-drop capabilities, and you can control who can make changes and assign shifts. It’s a simple way to maintain morale and productivity, all in one fell swoop.

 

Clear Debts in Time

 

As Prowess recommends, it’s wise to try to pay off your debts as soon as possible to avoid the piling on of dues. Many businesses find it advantageous to address smaller debts first, as they are always easier to eliminate than larger ones. You can also offer discounts to those suppliers or vendors who pay their bills in time to encourage cash flow. Keeping that strategy in mind, charge a fixed rate to those who keep delaying payments, and for this process to work seamlessly, establish payment arrangements with your dealers and suppliers in advance.

 

Focus on Profit-Making

 

Small businesses are prone to suffer losses in the beginning. Still, after a certain point, those losses need to slowly convert to profits to keep the company running. There are two different ways to tackle this.

 

First, you can raise the rates of your most popular and best-selling products by a small margin in a way that doesn’t impact your customer’s purchase patterns but also leads to an enhanced cash flow. Second, you can stop the manufacturing process of the products that cost too much to set up if they don’t generate much money.

In a Nutshell

 

A positive and healthy cash flow is more vital than anything involving a business. Keeping an eye on your cash flow is also a key to your company’s success – a few mistakes or missteps in this area can put you in a money pit. Should you worry? No, because these tips can help you maintain a healthy cash flow, leading to your business expansion and success.

 

Pinnacle Business Finance focuses on business loans, invoice finance, card machines, and other commercial finance alternatives. The team is based in Bristol, England, and offers a first free consultation, so make sure to contact it if your business needs any of these services.

 

Fast Business Loans Bristol

Looking For A Cheap and Fast Bristol Business Loan?

Fast and Cheap business loans in Bristol

 

If you’re looking for a fast and cheap business loan in Bristol it can be difficult to know where to start. Especially when looking for a business loan that is quick and easy to secure. Traditionally business owners would have gone to the bank manager to source a business loan. Subsequently, time has moved on and now many business owners don’t even know who their bank manager is. Let alone ask for a business loan to fund their business in Bristol. Traditional bank loans in Bristol can be time-consuming. With in-depth information required often a business owner not having available. Fortunately, since the 2008 credit crisis, the rise of alternative lenders has grown to fill the void for small to medium-sized businesses looking for business loans.

The information required for a small business loan is very light. Often bank statements and any annual accounts are enough to satisfy the lender. Therefore, the business loan can be released in under 24 hours. Making the business loan in Bristol quick and easy for Pinnacle Finance to secure for you. There are over 50,000 businesses in Bristol which makes it a vibrant and successful city for businesses. Having a business loan that is going to give the business financial backing to grow and support cash-flow is imperative. However, not all business loans in Bristol are the same.

 

How quickly can I get a business loan in Bristol?

 

Being a business owner, time is one of the most important aspects of a busy diary. So, knowing what information to have to apply for a business loan is what you need to know. Also, the time it will take. Using a commercial finance broker like ourselves we will manage the process for you. Whilst stating how long the process will take from start to finish. Pinnacle Finance collate the required information upfront from you. Then package and send the application to the select lenders. The process on average will take 2-3 working days depending on the business’s and lender’s circumstances. The time frame can fluctuate depending on variable factors such as business loan amount. In.

Bristol and the South West there are business loan providers dedicated to supporting business here in Bristol and surrounding areas. This is because business loans in Bristol can be difficult to come by. Especially when starting out looking for a start-up loan. With government funding such as bounce back loans and CBILS loan being there for more established businesses. Some smaller and start-ups in Bristol have missed out on business loans. Pinnacle Finance has been there for business in Bristol to secure business loans through the covid-19 pandemic. We continue to support business In Bristol looking for business finance.

 

What are the advantages of a fast business loan?

 

Business owners in Bristol and the surrounding areas often approach Pinnacle Finance asking how they can best utilise a business loan. Having an accountant in Bristol or Financial Director is hugely beneficial. Having the basics of a cash-flow forecast or business plan will aid in mapping out what the business loan will be used for. Plus, the financial benefit it will have on the business. A CBILS loan in Bristol has the additional benefit of 12 months of no repayment over a maximum term of 6 years. Once the government loan ends in 2021 then unsecured business loans and secured business loans in Bristol will be available. A business loan with no early repayments and no to little setup fee is favorable. However, this will depend on the type of business to whether it is available.

 

Business Grants in Bristol

 

The term business grant often provokes thoughts of free money for businesses in Bristol and the UK. Unfortunately, this isn’t the case. Green energy or high-tech growth businesses have the opportunity to secure business grants. This can be for start-up funding or research and development businesses. Every business grant in Bristol and the UK will have its own criteria to hit. Pinnacle can aid with securing business grants and alternative business funding in Bristol. There are the best business loans available to businesses that require financial backing to grow.

 

 

How much is an unsecured business loan in Bristol?

 

An unsecured business loan can be favourable to business owners due to the security of the business loan. Unlike a traditional bank loan. An unsecured business loan is a personal guarantee backed. No second charge or debenture is taken over the business in Bristol. Personal Guarantee insurance can be taken out by the business owner. This can provide comfort to the business owner.

Of course, a form of security for the business loan will need to be given by the business in Bristol. The unsecured business loan in Bristol or across the UK will there for non-homeowners looking for a business loan. The amount can vary between £3,000 up to £300,000 depending on the size and financial strength of the business. Similarly, unsecured business loans can act as short-term business loans in Bristol. Term up to 18 months with no early repayments. Giving the business in Bristol the short-term funding it requires.

credit card reader

How Much Is A Business Credit Card Reader?

How to Get A Business Credit Card Machine?

When running a business having the ability to take debit and credit card payments is more important than ever. Not only is it the most cost-effective way of taking payment but it increases the average sell transaction value. You may already know this and but be left thinking, great but how do I get a card machine. More importantly which is the best business card reader for my business? Fortunately, Pinnacle Finance in Bristol has this covered. We have the whole of the card reader market available to us enabling you to get the best rate and card machine for your business.

We take simple easy details from yourself and source the card reader for you. You can enquire online, over the phone, or by email. On average we get this done in less than 24 hours making it a fast way of finding a card machine. It gets better. If you have a card machine already then, we analyse your last 3 months’ card transaction statements. We see where we can save you costs. On average we save over 32% on the monthly charges for businesses. This makes a real financial cost saving for businesses around the South West and across the UK. We’ve had some fantastic case studies of businesses saving hundreds on their card reader each month. It’s one of the quickest and easiest ways we can help businesses with their financial decisions.

 

How Much Do A Business Card Readers Cost?

Business credit card machines will be charged to the business owner differently. This will depend on how the business operates, average transaction value, types of card payment, and overall value each month. At Pinnacle we will look at this for you and decide with you the best option. It can be charged on a set fixed fee per transaction for lower values each month. This keeps a manageable fixed cost per month making it easy and transparent to work out. For larger shops, pubs, or restaurants around Bristol then a fully integrated EPOS system may be more beneficial. This will integrate your card payments into a till and allow for a personalized accounting system. Again, here at Pinnacle Business Finance in Bristol, we work with the very best EPOS providers.

If you are familiar with taking card payments, then a split fee per transaction may work out more valuable to you.  This will be charged per transaction and differ depending on the amount and type of card payment you take. A standing charge may be applicable depending on the card provider. We will discuss this with you prior to putting you in touch with the credit card merchant provider. Making sure you understand how you will be charged and how this will benefit your business.

 

 

Where Can I Get A Business Card Machine?

When looking for a merchant card machine then you’re in the best place with Pinnacle Business Finance. You have the ability to compare the market of UK card machines and allow us to save you time and money. We make the process simple, efficient, and cost-effective. After your free initial consultation, we source the card machine for you. So, don’t worry you don’t have to spend hours looking around for a business card reader. We take care of that for you. Furthermore, if you run an e-commerce business in Bristol or the surrounding area then taking payment online is key. Payment gateways are vitally important, and Pinnacle will source this for you. We can recommend IT web developers who can integrate this into your website for you. You can carry on running your business whilst we take care of merchant payments for you.

 

 

Compare Business Credit Card Machines

When comparing business credit card machine Pinnacle will look at multiple factors for you. This is because there is a huge difference in the merchant provider’s offerings. It will vary on how you are charged. The type of card terminal you can have and the way in which you facilitate card payments. Amongst many others. We look after this for you and come back with up to 3 options. This is to overwhelm you and allow a comparison of card payment providers. We only work with the very best card machine providers. We have carefully selected the best card reader companies giving you the confidence to know you are working with. You can contact a Pinnacle team member here.

Accountant

The Pinnacle Accountant In The South West

What Does an Accountant Do?

When starting a business, a vital role in the business structure is to get an accountant. One that will support you. There are many different types of accountants, some have specialist fields and others being more widely accommodating. Ultimately you want the best accountant for your business. You may be left wondering what does an accountant do? The primary role of the accountant is to produce, examine, and offer financial support to you and the business. They will make sure you are compliant and become tax-efficient when running your business. Commonly new start businesses just look on Google for an accountant. Doing your research or using someone like ourselves who have a panel of accountant that will assist is the pinnacle to success. The reason being is not all accountants may be relevant to your business. If you are well established SME business looking for an accountant in Bristol or the South West, there is plenty of choices. All bringing their own skills and expertise.

 

 How Much Does an Accountant Cost?

Keeping overheads as low as possible whilst weighing up what the benefits are to your business is a prime consideration. Especially when running a new start business. Often accountants in Bristol and surrounding areas will charge differently. Some offering a bundled fee with reduced accountancy software licenses. Others charge on a time-based rate or fixed fee. If you are a limited business then annual accounts will need to be produced, confirmation statements, tax returns, and compliant documentation. An accountant will work with you to produce all of this for you. Your business size and structure will be a factor when looking at what the best accountant is for your business.

 

 Find an Account Near You.

 Looking for an accountant in Bristol, or the South West. We can supply you with a wealth of different accountancy options. We have a carefully selected panel of accountants across Bristol and the South of England. Each bringing their own unique skills and experience. We carefully select the accountants who will support your business. Giving you confidence that you will be getting the financial support you need. Furthermore, you may already have an accountant in place. But you find you are not getting the support or service you expect. One of the team will talk with you to find out what you are looking for from an accountant.

 

Compare Accountants?

Looking around Google, recommendations or simply accountancy practices that you have seen can be very time-consuming. One thing which I’m sure as a business owner is in great demand. We’ve spent all that time for you building up a panel of accountants across Bristol, the South West and across the UK. All you do is fill in the enquiry form and we do the rest for you. It’s simple for us to match you with the accountants who fit your business profile. The reason being is we have done it hundreds of times before. We don’t just source business finance across Bristol, South West, and the wider UK.

Debt Factoring Bristol

What Is Debt Factoring?

Looking At Debt Factoring?

 
You may be thinking what is factoring and how does it work? It’s a financial means of supporting cash-flow for the start-up and SME businesses. To maximise the benefit to your business there are a few pre-conditions. Invoicing B2B (Business to Business) is a must. Also invoicing once the work or service is completed. Debt factoring is a finance facility used to support cash-flow and grow a business. Commonly for a start-up business, there will be a set fixed bundled fee structure so it’s easy to calculate and controllable measure. A business finance broker like us will run through pre-qualifications to make sure your business can use factoring. It can be a flexible finance option and tailored to the individual business requirement.
 

The Impact of Debt Factoring On Cash Flow?

 
Very rarely can new business owners foresee the importance of cash-flow and how this will impact growth in relation to turnover. Winning new large contacts can be fantastic. With large corporations, allowing smaller SME businesses a chance to grow. However, scrutinizing contact payment terms is imperative. This is because the large the corporation, the slower payment terms can become. So even though you may think, fantastic I’ve won new secured work. The impact on cash-flow to fulfill this contract or service can be costly. Anything over 30 days or even less depending on the industry can have an effect. So how do you mitigate against these factors? Debt factoring is used to release outstanding invoices as an upfront payment. An example would be your business invoicing £1,000 on 30-day payment terms. In the next 30 days wages, expenses, marketing, and other business expenditure continue. In addition, the customer or debtor is late at paying. This leaves you the business owner in difficulty. So, factoring or debt factoring can aid this. Once you have raised the invoice and sent it to your customer. The invoice finance company can release up to 90% of the value of it. Resulting in £900 minus pre-agreed fees are paid to you. On payment of the invoice the remaining balance it released back to you. If you are unsure or would like the security of funding, then credit insurance can assist. This mitigates against bad debts providing you the business owner with the financial backing. To grow and boost cash-flow within your business.
 

Why Is Turnover Important in Factoring

 
When setting up invoice factoring the financier will ask what your previous or projected turnover levels are. One of the simplest definitions of turnover is the total amount of sales during a time frame. Commonly turnover is calculated and assessed over 12 months. If you require new start business funding, then having a clear business plan and the cash-flow forecast is a must. If nothing else, it articulates your business projections. Otherwise, it’s just a great idea in your head which can become extremely stressful. So, having a business plan that has cash-flow and turnover levels in it is so important. Also, when you speak to a business finance broker, we will assess this for you. Pre-qualifying what the finance companies will want to see. Making the process seamless and stress-free. Most importantly getting the best debt factoring for your business. Hopefully, you now have a brief understanding of factoring and why it’s so important. Knowing why having basic financials such as turnover levels is so crucial.
Business Loans

How Do I Apply For A Business Loan?

What is a small business loan?

When starting a business, commonly the first form of commercial finance owners think of is a business loan. This is because it’s the most popular form of business finance. But how do you go about securing a small business loan? A finance broker is a great place to start as they have the whole of the market available to them. Here at Pinnacle, we have over 70 different financiers on our panel.

Since 2008 a wealth of alternative finance providers has developed in the market. All having a unique and individual finance offering. Start-up businesses can look for grants, angel investment, or private equity but, this can be extremely time-consuming. A case of ‘’not what you know but who you know’’. Therefore, many doors can be closed before even getting started. Having a clear business plan, cash flow projection for 12 -24months in crucial. It will remove the stress from starting the business. Keep you focused on your monthly goals. In addition, doing a thorough SWOT (Strength, Weakness, Opportunities, Threats) is vital. That could be doing test trading of the market you are looking to enter before you commit. It gives you a clear indication of the challenges you will face and how to overcome these. Once you have this in place and are ready to look for a start-up business loan then have these documents ready. It allows the commercial finance broker to quickly access the lender’s criteria and gather quotes for you.

 

How do small business loans work?

There are 2 forms of business loans. A secured loan often allows for a higher funding amount, above £300,000. Or an un-secured loan of between £500-£300,000 for non-homeowners. Due to the nature of it being un-secured, this will commonly carry a higher interest rate but lower risk to the business borrowing. The term of the loan can again fluctuate between 1 month up to 5 years depending on the circumstance. A revolving credit facility offers a line of credit whereby you can borrow as much or little as you like. Limiting the risk for the financier and the business borrowing a loan. As you can start to see, times have changed. No longer does a start-up business looking for a loan have to commit for a lengthy-term with rigid guidelines. Once you have a loan provider who agrees to lend the required amount, a monthly interest rate will be applied. Some loan providers will charge this on a daily rate making it easy to manage. Others and more commonly on a monthly basis. Having the flexibility of no early repayments, being able to borrow more when you require should be considerations. This is where a finance expert at Pinnacle Business Finance will explain to you how the business loan will work for you. Saving you time and money!

 

How do you qualify for a business loan?

When applying for a business loan the first critical step is to make sure you have the information previously mentioned in order. This includes a business plan, cash-flow forecast for a minimum of 12 months, a business bank account set up, and any statements if you have started to trade. Finally, a solid structure of where you are taking the business over the next 12 months. This will demonstrate to the financier that you are serious about growing your business. You have a clear vision of what you are looking to achieve, and you have taken the first necessary steps. If you have a finance broker, they can help you gather this information, approach the relevant financiers and obtain the quotes for you. Leave this to the finance experts as you can go down the wrong avenue if you are not careful. It can be a fast finance options and set up in as little as 24 hours. Making a business loan quick and efficient.

 

How much can you borrow for a small or start-up business loan?

This is a question that gets raised a lot to us at Pinnacle. This is for a good reason. You want to know how much you can borrow from a loan and how long will it take to get set up. The answer is for a new start business up to £25,000 in one lump sum is the most frequent amount. You will be able to access further funding in the future as the business grows and cash flow improves. Again, if you look at the secured loan option then yes, the funding amount can be much larger. You have to decide whether the risk against the reward is sufficient. If the answer is yes and you have the required information, then there are finance options available to you. The term of the loan can be up to 5 years but commonly 12 months is sufficient. You have to work out how much business finance do I need now? Then once you have put this into your business plan and cash flow forecast approach a finance broker such as Pinnacle Business Finance.

 

How Can Pinnacle Business Finance Secure A Start-Up Loan For You?

Our funding experts will sit down with you and obtain the funding for you. You can carry on working on other areas of the business and we will take the stress away for you. The first step is to fill out an enquiry form on the website or simply give us a call. One of the team will talk through the next steps to securing a business loan for you. You can manage the process through your online login which gives you access to your own account. It will prompt you when you need to upload information. Allowing you to check on how your loan application is progressing. This is one of the many unique areas the Pinnacle team has. If you would like to start your funding journey then get in touch today.

Accountants

Accountants Support With Business Loans When The Government Say No

Accountants can support

Accountants across the UK are finding themselves in a bind, at the moment. While the government has offered to support small and medium-sized businesses with grants, loans, and other funding options, many companies need their money faster or simply don’t qualify for government intervention. Alongside this, many brokers, lenders, and other funding bodies are also having to cut their workforces. This is to ensure that they can keep them healthy during this challenging time.

This is putting huge amounts of pressure on professionals who are dedicated to managing the finances of their clients. Making it feel as if there aren’t any options available to help them. Thankfully, though, Pinnacle is well and truly open for business. This means that we are well-placed to support your clients with business loans during the Covid-19 outbreak and beyond.

What Does Pinnacle Do?

Pinnacle Business Finance is a commercial finance broker. Based in Bristol, Bath, and the South West. Our team of dedicated financial experts have spent the last couple of years building strong connections. With loads of different funding options, including a huge range of commercial lenders. This includes high street banks, along with a wealth of alternative lenders all have unique finance offerings.

Having these financiers on our panel enables us to take your client’s requirements, search through our database of lenders, and come back with a collection of business loan options which will all offer something slightly different.

You can then work with your client to determine the best choice for their funding needs. Whilst relying on Pinnacle to offer support, inform, and provide an agnostic view on securing commercial finance.

Why Choose Pinnacle For Your Clients?

With many lenders and finance brokers closing their doors during this difficult time, having an option you can rely on to serve your clients effectively is crucial. Pinnacle has worked extensively to keep supplying clients with finance options. This means a business loan could be your best choice, but this is just the start of what we have to offer.

  • The most Relevant Business Loan: While we offer support to our clients, we also understand that choice is essential when you’re taking on a product like a business loan. For this reason, we give all of our clients a range of relevant loans to choose from. Providing them with all the information they need to make a well-informed decision.
  • Providers Big & Small: Pinnacle has built strong connections with a range of business loan providers, including both the largest and smallest lenders on the market. Not only does this give your clients more choice, but it can also give you access to finance offerings that traditionally weren’t available.
  • Always Open: Uncertainty can be a killer in the field of accounting, and it always pays to know who you can rely on. That’s why we partner with trusted accountants around the South West to support their clients and provide an additional service.
  • Personal Support: We don’t use complex algorithms or special formulas to make our recommendations; we use human expertise and personal support to ensure that we offer the best business loans for each of our clients. You’ll never be given a generic suggestion by Pinnacle.

Times are tough, and many companies are finding it hard to keep themselves afloat. Accountants have a difficult job to support, advise and guide clients through to make sure they have overall success. Pinnacle Business Finance is always here to help you. We’re proud to be offering business loans that can provide an alternative to the government funding on offer.

Coronavirus business loan

How Can Pinnacle and The Government Support During Covid-19?

Government Business Loans

It’s no secret that the world is in a tricky position right now. Businesses across the globe are having to close their doors in the wake of Covid-19. Many are finding themselves without the support they need to continue operating. The economy is going to take a hit from this outbreak, especially seasonal industries, construction, and retail.

The government is currently taking unprecedented action to be able to solve this problem. Of course, due to the nature of this issue, it’s not possible for the government to provide every bit of support to businesses on an automated basis. Instead, for some of the financial support on offer, you need to go out and manually apply.

The Support On Offer

As mentioned above, the government has done an excellent job of offering assistants to companies during the lockdown. Some of this comes to you automatically, and these are the first entries on the list below. For loans, grants, and employee wage support, you will need to go out of your way to get help, and this is where Pinnacle Business Finance comes in.

Deferred VAT & Self-Assessment Payments

VAT payments can end up being massive when you’re not prepared for them. The government recognizes that many companies simply haven’t had time to prepare for Covid-19. For this reason, those that are due to pay VAT between 20 March 2020 and 30 June 2020 have the option to have this payment deferred to a later date. You need to contact HMRC to take advantage of this.

Self-assessment payments can also be deferred until January 2021, although you will have to continue your regular payments during 2020. Similar to VAT, you can talk to HMRC to receive support on this.

Statutory Sick Pay Relief

While Covid-19 is unprecedented, companies still need to be prepared to honor the contracts they have with their employees. To help with this, the government is offering up to 2 weeks of statutory sick pay relief. This is for businesses with less than 250 employees. Furthermore, new regulations are being introduced to cover employees being paid SSP from day 1 instead of day 4 with it being retrospectively applied from the 13th of March 2020.

12-Month Business Rate Holiday

The business rates which shops and other public-facing businesses have to pay can be astronomical. To support companies to get through this challenging time, a 12-month business rate holiday has been put into place. This to make sure that companies aren’t overwhelmed by the costs. You don’t need to do anything to get support like this, but your local authorities may have to send you a new bill to reflect these changes.

Grant Funding Up To £25k

Retail, leisure, and hospitality businesses, the government is offering grant funding of up to £25k during the Covid-19 outbreak. This is to cover a variety of different things. You need to apply for the scheme through your local authority. Your business needs to have a rateable value of £51k or less to be able to receive this sort of funding.

For businesses that don’t pay business rates, a one-time grant of £10k may be available. You can access this in the same way as the £25k grant, and it should be a smooth process as long as your accounting is up to date. If you need a recommendation on an accountant, give Pinnacle a call and we have trusted accountants who we work with.

Coronavirus Business Interruption Loan Scheme- Business Loan

The Coronavirus Business Interruption Loan Scheme has been designed to apply to as many different businesses as possible, whether they’re big, small, or somewhere in the middle. The scheme prominently supports SMEs with access to loans up to £5 million over 6 years.

The government is also able to make payments towards interest and loan set up fees for the first 12 months. This ensures that smaller businesses won’t struggle with the initial outlay cost of setting up the commercial loan.

Here at Pinnacle, we’re already working with the 40 accredited lenders the government has chosen for this scheme. This means that we can give you the support you need as soon as possible. Whilst making it much easier to get started with the process. If you don’t qualify for the commercial loan don’t panic! We have a range of alternative lenders who can support.

Coronavirus Job Retention Scheme

The Coronavirus Job Retention Scheme is the most popular and well-known part of this package. This is designed to avoid the fallout of millions of people losing their jobs at the same time. Giving employers the methods to pay their employees even if they are unable to keep their doors open.

Furlough will cover up to 80% of someone’s pay, but this stops once it reaches £2.5k per month. Along with this, the scheme will also cover national insurance payments and pension contributions, ensuring that people don’t fall behind in these areas.

Coronavirus Job Retention Scheme or Furlough is open to all employers which started a PAYE payroll scheme as late as February 28th, 2020. It has to be the employer applying for it, rather than the employee themselves.

 

How Can Pinnacle Business Finance Help?

Pinnacle is a well-placed finance broker in Bristol, that provides access to commercial finance across the UK at this challenging time. We’ve moved our team to work from home, but productivity is still strong, and we’re working as hard as we can to help companies across the South West to keep themselves afloat.

We can secure grants and loans being offered by the government and are happy to take all of the work which will come with this off of your shoulders. That’s one of our many jobs as a commercial finance broker. You tell our funding specialists what you need, and we go out and secure the commercial finance for you.

Alongside helping businesses to get the grants and loans they need, we can also support you through the other schemes being offered by the government at the moment. This can be as little as having a phone call to discuss your options. To assessing larger projects such as cash-flow forecasting through these challenging times. You can use the form below to get in contact or give us a call on 0117 2510048 to chat with our dedicated team.