Funding Options Blog
Home of our blog articles on topics that will inform and educate entrepreneurs on topics such as lending, green finance, tax and financial matters.
It’s called Open Banking, but don’t underestimate its security...
Rewind just a few short months ago and it would have been inconceivable that this mysterious coronavirus would impact the world so drastically. But here I am, working from my home office rather than at Funding Options’ London HQ. UK plc is experiencing an unprecedented time that will unquestionably go down in history. Companies, large and small, are navigating the choppiest of waters at present as a result of Covid-19.
29 Apr 2020
A guide to bridging loans and bridging finance
A bridging loan is a type of short term business loan designed to ‘bridge a gap’ in a business’ finance. In other words, it helps you get from one point to the next until you can either secure longer term finance or clear the loan in full.
28 Apr 2020
UK Government pledges £1.25bn to support startups driving innovation
On 20 April 2020, Chancellor Rishi Sunak announced a new £1.25 billion coronavirus scheme to support some of the UK’s most innovative firms. The package comprises a £500 million Future Fund for high growth startups that have been affected by the pandemic and £750 million of grants for SMEs focusing on research and development. The announcement of the Future Fund comes after some of the country’s biggest scale-up brands, including Deliveroo and Citymapper, appealed to the government in an open letter to provide access to funding support measures to companies like theirs and other startups.
22 Apr 2020
Chancellor outlines support for large businesses affected by COVID-19
- Coronavirus Large Business Interruption Loan Scheme will launch on Monday 20th April - Eligible businesses with turnover of more than £45m can apply for support - Businesses with turnover of over £250 million can borrow up to £50 million from lenders In addition to the Coronavirus Business Interruption Loan Scheme (CBILS) and the Covid Corporate Financing Facility, the government has outlined details of the Coronavirus Large Business Interruption Loans Scheme (CLBILS) – a measure designed to help more businesses access financial support.
17 Apr 2020
Key tax dates and deadlines 2020
There are several key tax deadlines throughout the year to be aware of. In order to keep on top of your accounting duties and avoid any pesky penalties, be sure to put the following key dates in your diary. IMPORTANT UPDATE: Due to coronavirus, you may be able to delay (defer) some tax payments without paying a penalty. For the latest information on this, visit gov.co.uk. (If in doubt, always ask a qualified accountant.)
14 Apr 2020
Bolster your business through asset refinance, invoice finance and unsecured loans
With coronavirus causing disruption across a multitude of industries, businesses are looking for alternative ways to improve their cash flow. Innovative funding solutions like asset refinance, invoice finance and unsecured loans can provide small to medium-sized businesses with speedy financial support, including those who find it difficult to access more traditional finance types like bank loans. If you needed finance for your business in the past your options were fairly limited. You’d have to apply for funding from a traditional source, typically in the form of a secured loan from your local bank. Nowadays there are a number of flexible options and a variety of lenders, making it easier for you to find a finance option that’s right for you.
9 Apr 2020
Minutes not hours: Funding Options uses Open Banking to reduce business loan decision times
Open Banking will allow businesses to be pre-approved for loans, reduce application times, and reduce fraud risk.
7 Apr 2020
10 Ways to stay productive and positive when working from home
On March 23rd, the UK Government outlined strict new measures to limit the spread of coronavirus, stating that people should only leave the house to work where it is “absolutely necessary”. To help protect the NHS and save lives, the majority of us are replacing our desktops with laptops, our offices with online platforms like Skype and Zoom. Before the coronavirus pandemic, remote working was already on the rise around the world. In fact, research tells us that more than two-thirds of us have done it. However, there’s a significant difference between working flexibly one or two days a week and spending all our working (and living) hours within the confines of our home.
6 Apr 2020
5 Things to Know about Coronavirus Business Interruption Loan Scheme
The Coronavirus Business Interruption Loan Scheme (CBILS for short) provided SMEs experiencing revenue loss and cash flow disruption due to the COVID-19 pandemic with access to financial support of up to £5 million. Whilst the scheme is now closed, it was part of the UK government’s wider temporary and targeted support for businesses package and was administered through loans, overdrafts, invoice finance and asset finance. There is still support available for larger companies via the COVID-19 Corporate Financing Facility. Through this scheme, the Bank of England will buy short term debt from larger firms that are experiencing a short-term funding squeeze, enabling them to finance their short term liabilities.
1 Apr 2020
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