Don’t rely on the bank to lend your business money. That was the message from Tim Jones, MD of Start Point Finance, to the March meeting of the Wellington Business Association.
“It can take six weeks or more to process your application and your local manager probably has zero discretion,” said Tim, who started his finance career with Merrill Lynch before going out on his own, based in Devon.
“Almost all of our clients have had a No from a High St bank or are waiting for one. And these are usually thriving businesses. In most cases we can get them the finance they need in in much less than a week.”
Tim outlined the range of funding sources that Start Point works with, from asset finance (raising cash on existing assets) through leasing and invoice factoring to internet based options such as Funding Circle.
“If you talk to younger entrepreneurs and business people, they don’t even think of going to the Big five banks for a loan. There’s a complete revolution in business finance and it works for investors as well as borrowers.”