Seizing the opportunity, the client agreed to the purchase with another family member, setting up a new Ltd Company for the purpose. The client approached his own bank and other high street banks to borrow the funds however, they were turned away as these lenders took the view that he did not have enough experience and it was viewed as a “new start business”.

The team at Genie Lending could see the possibility in this established business and went about helping this client to source the right funding. Genie were successful in securing funding for the purchase of the business where others had been unable despite it being considered a start up.

The client was enormously grateful when terms were agreed and funds were paid out to the client within 4 weeks. A fantastic early Christmas present for our clients, which will see this cafe continue to operate with the passionate and care that goes into this business. Also a win for the local community and tourists alike.

Genie Lending have a wealth of experience in helping new start and young business raise funds based on both short term trading figures and projection led lending.

If your business has found funding difficult to obtain you can trust Genie Lending to go to every extent to provide the correct finance quickly, for the result you want. As well as the household names in the industry we have access to proven lending sources who you will not find on the high street. Our aim is to help UK SME’s obtain funding for all their business requirements, whether that be growth, acquiring premises, paying HMRC liabilities or simply working capital. Genie Lending can assist with complete finance solutions.

The post Funding for the purchase of a coffee shop in Worthing, Sussex. appeared first on Genie Lending: Business Loan Alternative Finance Specialists.

So without the help of a bank loan, how can a start-up get off the ground? Start-up finance is a niche and can be a difficult uphill struggle, but there are a range of investment options to explore as a new business. Securing the funding is a vital step to launching your business idea – here are some ways to finance a start-up business.

Government backed loan

Believe it or not, the government has noticed how difficult it is for start-ups to be approved for finance, and has launched some initiatives to keep new businesses forming. A government-backed start up loan lets you borrow up to £25,000 at a low interest rate, while offering free business support. You might also be eligible for local funding depending on your location and the type of business you plan to launch.

Alternative finance solutions

A traditional loan isn’t the only way start-ups can access finance. Thanks to the rise in alternative finance solutions, businesses can apply for peer to peer lending and other specific products which can be tailored to fir each individual business. Of course, start-ups can also take their idea to the worldwide web on platforms such as Kickstarter, or search for angel investors. If you’re determined enough, you’ll find a provider or investor to approve your finance.

Business overdraft

If you don’t need a large sum of money to get the business started, it might be worthwhile using a bank overdraft. However it’s always important to work out how much you will be charged for using the overdraft facility, and how long you’ll rely on it before turning a profit. Overdrafts are put in place for short term lending, and can be very expensive if you stay in the red for a long period of time.

Borrowing cash as a start-up is risky business, but be persistent and you should be able to secure finance from somewhere, or someone. If you need help exploring the options give the Genie Lending finance experts a call.

The post How to Finance a Start-up Business appeared first on Genie Lending: Business Loan Alternative Finance Specialists.