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Top 5 myths about getting a business loan

July 25, 2022/0 Comments/in Blog, Loans/by Jess Wells-Flint

You need perfect credit

One of the most important misconceptions of our top 5 myths about getting a business loan, is that you need perfect credit. This isn’t always the case. Many people assume that if your credit history is not perfect, there is no point in trying to apply for a loan. Being credit accepted is something that can still happen even with non-perfect credit.

Here at WestWon we will never not try for a business to be credit accepted, which is why we have a 95% acceptance rate. We will try several funders if it means getting the right agreement for you and your company. However, if we cannot get you credit cleared, we can provide you with alternative organisations that may be able to help. We are also always on hand to offer financial advice, free of charge!

A loan is for businesses in trouble

Another common myth is that a business only applies for a loan if they are in trouble. This is certainly not the case. There are many businesses out there, especially after Covid that have needed financial help. However, there are also many companies that use a loan as a form of investment and growth. This is what we see it as here at WestWon. It can be used for a range of investment purposes. This includes expanding to hire new people, office refurbishment costs, new equipment or simply to boost your business’ cash flow.

It takes a long time to get a loan

Especially in times before Covid it would be difficult to immediately have documents sent over and signed. However, nowadays that process is much faster. Here at WestWon we operate in the same way a lot of other finance companies may do, in that we will get back to you within a 24-hour period, and it normally doesn’t take longer than 48 hours to get credit approved. The process after this is very simple and straightforward meaning it won’t be long before your agreement is activated.

Banks are the best option

Banks used to be the main source of funding for a lot of companies. However, now it is essential that you do your research. Not every company is the same. Therefore, not all finance facilities will be needed by each UK business. Also remember that if a bank has said no to you, that this is the only option. In fact, one of the main benefits about leasing is that you use an alternative line of funding. This is so that you don’t use up an existing bank facility.

There is tons of interest and hidden fees included

Here at WestWon we are proud to have industry leading rates starting from 2.5%. We make sure there are never any hidden fees or hidden interest included in the agreement you undertake with us. This is not the way most finance companies do business. Transparency between clients, partners and suppliers is essential. Therefore, we will always make sure to be 100% honest and clear with you. If you do have any questions then please get in touch with us using the contact details below.

Contact Us

If you would like more information on our top 5 myths about getting a business loan, or any other finance needs you may have, then please don’t hesitate to contact us. You can email us on [email protected], or alternatively you can call us on 01494 611 456. You can also see more over on our LinkedIn page.

https://westwon.co.uk/wp-content/uploads/2022/06/shutterstock_1132842653-scaled.jpg 1000 1500 Jess Wells-Flint https://westwon.co.uk/wp-content/uploads/2016/06/WestWon-Colour-300x94.png Jess Wells-Flint2022-07-25 09:40:222022-07-25 09:57:26Top 5 myths about getting a business loan

Top tips to manage your business finances

July 18, 2022/0 Comments/in Blog, Leasing Insights/by Jess Wells-Flint

4 top tips for managing your business finances

There are several ways you can manage your business finances. However, in this blog, we will be discussing just 4. If you have any questions regarding business finances, or you would like to learn more, then please contact us. You can do this using our details below. Otherwise, please read on…

  1. Invest in growth

Investing in your business is one of the most important ways you can grow and expand your business. Making sure you invest in the future is essential. If you invest in your growth by setting aside money, your business will never be in trouble. It also shows people that you care about your business. We aren’t just talking about clients and customers here, where they will be impressed and persuaded by the amount of care you are taking in the business. We are also talking about future employees. If they see the amount of dedication that goes into the business, they are more likely to want to work for you. Employment is also essential for the growth and expansion of your business.

  1. Budget well

Budgeting well is the success to some companies, no matter the size of them. Setting up good financial habits early on can improve the health of your business’ cash flow. It can be a very simple process. Taking the time out to look at your cash flow both in and out of the business can only take up a small amount of time but can save you much more in the future. In terms of payment, it can also be a good thing to spread them out. This means you won’t be making large payments in full all at once.

  1. Plan ahead

Another thing to do is to plan ahead. The downfall of many businesses is that they won’t plan for the future or move with the times. Especially nowadays, making sure you plan for anything can be essential. It also comes with a lot of responsibility. For example, the green agenda sweeping the UK at the moment is huge, and sustainability for businesses is on the rise (as it should be). People are starting to think more about how they impact the environment and what they can do to better it. Here at WestWon we are proud of our green initiative to plant a tree for every month of a lease agreement. More about that can be found here.

  1. Do not be afraid of loans

You should never be afraid of taking out loans. If anything, finance and leasing can bring many added benefits to your business. This leads well onto my next point…

How can WestWon help?

Here at WestWon we provide finance for a range of assets, as well as agreements that can be tailored to you and your business. Leasing also offers many added benefits. You can preserve your existing lines of credit for the future, as well as always having the newest equipment. This is through implementing a recycling strategy. You can also protect your cash flow and keep it in the business to be used elsewhere. There are tax benefits as well as 100% of the rental being deductible against your company’s corporation tax.

Contact Us

If you would like more information on how you can manage your business finances, or any other finance needs you may have, then please don’t hesitate to contact us. You can email us on [email protected], or alternatively you can call us on 01494 611 456. You can also see more over on our LinkedIn page.

https://westwon.co.uk/wp-content/uploads/2022/06/shutterstock_1477775183-scaled.jpg 1000 1500 Jess Wells-Flint https://westwon.co.uk/wp-content/uploads/2016/06/WestWon-Colour-300x94.png Jess Wells-Flint2022-07-18 09:08:502022-07-18 09:06:38Top tips to manage your business finances

SME in need of a boost? Inject new life into your business with finance

July 11, 2022/0 Comments/in Blog, SME's/by Jess Wells-Flint

SME finance is a great way to breathe new life into your business. Here at WestWon, we have provided finance to thousands of SMEs throughout the years. Our aim is to support businesses in their growth, and we have succeeded in helping thousands across the UK.

We can finance pretty much anything from £1,000 to £10m. So, whatever your business wants, or needs may be, rest assured you will be taken care of in our hands.

Why do so many SMEs use finance?

Cash flow health

The benefits financing has upon a company’s cash flow is the primary reason as to why SMEs use it. Finance allows you to disperse the amount of an asset over the course of usually 1-7 years. Therefore, freeing up cash in the business to be used elsewhere!

Easy budgeting

The payments are fixed throughout the payment term. This means it will make it easy for you to cash flow forecast for each month.

Tax advantages

Did you know that all rental repayments are fully deductible against your company’s corporation tax bill?

Alternative source of credit

No need to use up an existing bank facility! Financing through WestWon means you can keep your existing sources of credit in place for other purposes.

Remain competitive

Another reason why so many SMEs use leasing and asset finance is because it allows them to remain competitive within their sector. This is because leasing makes it more affordable to obtain the most recent technologies.

Technology is also ever evolving, meaning that it is constantly deprecating in value. Therefore, by purchasing it outright, you are only setting yourself up for a loss. But, by using an IT refresh cycle, your business can stay modernised. The term duration for this type of agreement can be from 1-5 years. Although most will take out 3-year agreement for this, due to how fast technology is now evolving.

There is no doubt that the standard of advancing technologies we have now, can improve business productivity by miles. Keeping up with the newest technologies can make all the difference in a competitive market. After all, customers will choose the most effective service.

Contact Us

To find a finance option best suited to your business, please don’t hesitate to get in touch. Give us a call on 01494 611 456. Or send an email to [email protected], and a member of our friendly team will get back to you. You can also see more over on our LinkedIn page.

https://westwon.co.uk/wp-content/uploads/2022/05/sme-mid-min.jpg 718 1000 Jess Wells-Flint https://westwon.co.uk/wp-content/uploads/2016/06/WestWon-Colour-300x94.png Jess Wells-Flint2022-07-11 09:30:342022-07-11 09:29:41SME in need of a boost? Inject new life into your business with finance

How WestWon supports your finance journey

July 4, 2022/0 Comments/in Blog, General/by Jess Wells-Flint
Read more
https://westwon.co.uk/wp-content/uploads/2022/05/shutterstock_2096571589-1-scaled.jpg 1000 1500 Jess Wells-Flint https://westwon.co.uk/wp-content/uploads/2016/06/WestWon-Colour-300x94.png Jess Wells-Flint2022-07-04 09:35:582022-07-04 12:10:52How WestWon supports your finance journey

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The Financial Conduct Authority (FCA) regulates financial services in the UK and you can check this on the Consumer Credit Register by visiting the FCA’s website here or by contacting the FCA on 0800 111 6768. WestWon Limited is a credit broker and not a lender. WestWon companies deals with a range of lenders. All WestWon companies hold a current Data Protection Licence and are registered for VAT. These details, together with our policy on Treating Customers Fairly, Complaints Policy and address details are held under our Get in Touch page.
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