Are you one of the Brits that want to start their own business?
There's something deeply aspirational about running your own business, and it seems that the entrepreneurial spirit is alive and well in the UK, despite the economic climate. A recent Forbes Advisor poll reported that 41% of Brits would like to start their own business one day. If, or when they do, they will be in good company, joining the nation's 5.5 million SMEs, which make up 99.05% of the total UK businesses. The question is, are you amongst them?
A history of entrepreneurialism
The UK has historically been referred to as a 'nation of shopkeepers' - reflecting its heritage of commerce - the bedrock of its financial strength. Indeed, the City of London itself has 2000 years of trade and commerce to its name, and it's a tradition we should be proud to uphold - hard working people making their way in the world independently.
Today that appetite for business remains an important part of the UK culture and economy, accounting for an estimated £2.8 trillion (52%) of turnover in the private sector. Knowing that access to funding is one of the fundamental things that businesses need to thrive, non-banks have become an essential pillar in facilitating their growth.
Business lenders that support SMEs
While no one can possibly have missed the discouraging economic environment of late, there continue to be lots of positives to running your own business, and a tricky climate is often where the most opportunities lie, but appropriate funding levels are essential to being able to take advantage of those circumstances.
At Rivers we specialise in business loans for SMEs, offering them in two distinct categories: short-term Cash Flow Solution Loans, and medium-term Business Growth Funding Loans. While lots of new businesses turn to traditional banks as the first port of call for a business loan, they often find that they can't get what they want or need. The reason a lender like Rivers is so helpful is because of two core characteristics:
1) Our business loans are designed for the practical needs of SMEs
Our business loans and the processes around them are specifically designed for the needs of businesses, and especially SMEs. They're intended to be functional, convenient, and intentional. For example, on short-term loans we offer 14-day repayment intervals, renewals after 50% of the original loan has been repaid, and we don't require collateral to secure the loan.
2) We understand businesses and business loans
We are a business ourselves, so we understand what it is to operate a company. Our team of Business Finance Specialists are experienced professionals who provide independent business finance and loans. We take the time to not only look at your financials, but to understand the business and what the loan is for. That means that while traditional banks can only give a binary yes or no answer to a business loan application, we are able to make an offer if your request doesn't quite work. Crucially, we are not interested in lending money at any cost - we want to lend in a way that's going to help your business thrive.
What you need to join the UK's community of business owners
If you are thinking about joining the UK's community of business owners and you want to know what funding options are available to you, our beginner's guide to UK business loans is a great place to start. There are a number of options for finance solutions available for businesses, and after you have been trading for three months or more, you are also eligible to apply for a Rivers business loan.
