Has your business been denied access to a loan or overdraft facility with one of the big banks? Were you referred to an “alternative provider” who simply doesn’t understand your business? If you have a credible start-up then DiasporaFinance believes that you deserve quick access to funds in a way that is tailored to your business.
The government’s scheme requiring major banks to refer their rejected business loan applicants to alternative providers has become a complete nightmare for small business owners. Entrepreneurs are being sent from pillar to post in an attempt to find a liquidity solution, at times when finances are under strain and time is of the essence.
In order to solve this issue, we look to the root cause of the problem: That small businesses are just an afterthought for traditional banks. These institutions use archaic assessment criteria for funding applications and cannot be bothered to evolve. Banks are reluctant to engage SME’s because they don’t generate as much revenue as their bigger clients. The few business owners who do get accepted are required to provide a guarantee, making them personally liable for default. Missed a payment on your £10k business loan? That’s your house that could be up for grabs. The current SME finance system is flawed, unfair and exploits the weaker bargaining position of small business owners.
Join the thousands of small business owners using invoice finance to turn their invoices into cash. Register now for exclusive early access to the DiasporaFinance