sign and print industries. David Bunker, director of Compass Business Finance, says the good news for sign-makers, is that no matter what they are looking to achieve there are a number of solutions available to the market. “As economic pressures increase, businesses are having to become ever more resilient, innovative, and adaptive,” Bunker says, adding: “Sign-makers are having to work smarter, and with technology evolving rapidly, investment is a key component to staying ahead of the competition, not just to provide a wider or improved product range but also to ensure they’re working efficiently, from both a production process and environmental perspective. offering the loan. The larger the loan the more detail and evidence is required, which is often where a broker can be of assistance.” For those looking at external finance, Brown recommends talking to the suppliers of the kit first about any offerings they have in place and use that as a benchmark when approaching your own bank or financial broker. For medium to large purchases, Brown says brokers can be a worthwhile route to explore particularly if a business has a good track record and trading history. Brown adds that the Funding Circle, the government-backed business loans scheme, was another popular option many consider as they looked to grow their businesses. “As a trade association our experience is largely based on what our members do, the sharing of knowledge and being able to talk to people and business owners that have already explored the path means that we often get unbiased feedback that can be passed back to other members,” Brown says. “We are also fortunate enough to have knowledgeable industry members who are part of our board, these people tend to have good contacts within the supply chain and are happy to act as sounding boards when others are exploring the best options for their businesses.” Reliant business Turning to those providers that can offer financing, Compass Business Finance has worked with companies across both the “Typically, businesses will utilise asset finance when purchasing large items of kit, enabling them to secure favourable interest rates, on either a lease or hire purchase agreement, however, it can also be an opportune time to review other finance agreements in place across the business. It’s possible to secure a more favourable rate and reduce monthly repayments by combining existing agreements into one new agreement.” Bunker says if you are considering a new investment, or looking at refinance, the best place to start is to have a conversation with a finance provider like Compass Business Finance, as it is important to know your options and be able to make informed decisions. In terms of the specific types of help available, Bunker points to the Recovery Loan Scheme (RLS), which, set up to help businesses during and after the pandemic, remains available until the end of June 2024. This, Bunker says, allows accredited lenders such as Compass Business Finance to provide finance to businesses that they may otherwise not have been able to, or to provide a better rate than they otherwise could have done. 70 ◄ ISA-UK says sign-makers should consider their business plan before going down the financing route ▼ The team at Compass Business Finance can help sign-makers on the lookout for financial support www.signlink.co.uk Issue 245 - April / May 2023 NEED TO KNOW / FINANCING AND FUNDING Tax incentives and grants are available to businesses to support continued investment Factoid The Recovery Loan Scheme will run until spring next year 2024
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