Cash flow is the lifeblood of any small business and when cash reserves are low, businesses often need access to external funding to help fuel growth, invest in new ventures or keep the business afloat. But, finding the right funding option for your small business can be a huge hurdle.
If you want to get funding for your business, you must choose which source of funding will suit your needs. You can reduce late payments, find suitable grants, find funding that fits your business needs and work with an advisor or accountant. “The global data also shows that small businesses borrowed most from non-banking institutions to plug the cash flow gap caused by late payments, rather than traditional high street banks or personal assets.”
“In a low-growth economy, grants can provide extremely useful funding and boost resilience. However, they usually supplement other sources. Just remember: there is a lot of competition and therefore it is important to spend time applying for those that are specifically relevant to your business.”