Tag: Business Finance

Yorkshire Machinery Finance for Farms

25th September 2020 / admin / Comments Off

From tractors, headers or balers, if it’s part of a working farm Richmond Asset Finance can finance it! At Richmond Asset Finance we have access to an experienced panel of lenders so we can bring you only the best finance options for your farm machinery and business.

Agriculture is very diverse and we also understand that that some farmers have seasonal income, so we can tailor seasonal loan structures for certain applicants if the situation calls for it.

We also understand that a 1998 tractor might still be in good working condition, so older farm machinery can be financed from both private sellers and dealers. Simply ask us for more details.

We can offer agriculture finance loans for the following vehicles and equipment:

Tractors
Harvesters
Spraying Equipment
Spreaders
Seeders
Offset Disc
Balers
Irrigation
Telehandlers

Have farm equipment or machinery that’s not on the list? Call us and we’ll be happy to help: 0113 288 3277

Richmond Asset Finance Guide to Farm and Agriculture Finance

25th June 2020 / admin / Comments Off

Richmond Asset Finance is a specialist business lender to the agricultural sector that offers traditional, responsible lending to farmers throughout England, Scotland and Wales.

Farm finance is on the rise again and is becoming an attractive sector as farmers need loans that can be secured on real assets as farmers now need to ﬁnd new sources of capital to sustain, grow and improve their businesses. Again we can help with asset finance and for equipment and various land and property finance is available too. Click here to view our services and solutions here.

Here are a few reasons why you may require Richmond Asset Finance Agricultural Finance:

Diversification, farmers need capital to diversify and build new businesses. Diversifying your enterprise can increase revenue and reduce risk. We understand this and the benefits it brings in the current market, as our team has direct experience of building new businesses.
Purchasing new farmland when additional acreage or a unique property opportunity may come available and often at short notice. Additional acreage or a unique property opportunity may come available at any time and often at short notice. Richmond Asset can move quickly to help you secure this and expand your business.
Property finance allows farmers to develop, renovate or repair property for capital appreciation and income generation. Are you making the most from your property? A loan from us could help you develop, renovate or repair property for capital appreciation and income generation.
Renewable energy projects can be a great source of additional income and add real value to under-utilised land on a farm, or even turn waste products into revenue. Renewable energy projects can be a great source of additional income and add real value to under-utilised land on your farm, or even turn waste products into revenue.
Livestock Finance is utilised by farmers to expand their livestock holdings. Once you decide that you’d like to expand your livestock holdings, our facility can provide a flexible option that can be used repeatedly, allowing you to make judicious purchases or sales, depending on the market.

How has the Coronavirus affected bridging finance?

12th June 2020 / admin / Comments Off

Surveyors are being extremely cautious

Even where a valuation can be done, surveyors are being very cautious. Whilst they will be producing the usual figures for an open market valuation, 30 day, 90 day and 180 day sale, they may also add a revised figure to allow for the likelihood that prices will fall after the pandemic is over. Some surveyors have even taken to writing, ‘this valuation cannot be relied upon’, on their reports. This makes the report worthless to many bridging lenders, who aren’t prepared to lend on the basis of this type of valuation.

Social distancing causing problems with witnessing legal documents

There are currently problems with getting legal documents witnessed by a solicitor as most are now working from home and not seeing clients face to face.

Staffing shortages are affecting lenders too

Lenders have also been impacted by the requirement for staff to work from home wherever possible and have had to set up systems to allow staff to work remotely.

Staffing numbers have been hit by those needing to self-isolate, which has affected lenders’ abilities to deal with new cases.

Sources of finance for start-up businesses

6th June 2019 / admin / Comments Off

Finding the funds to get your start-up business off the ground and turning a profit can be challenging, here’s where to start.

Growing a new business can be difficult without a healthy cash flow. Purchasing business premises, investing in stock, hiring people, and marketing your new venture all costs money.

Finding the best finance solutions to meet your start-up’s specific requirements is key to setting up and growing a successful and profitable business.

Here are the five key sources of finance that every start-up business should consider.

Personal sources

Personal sources of finance should be a given, these can include savings, personal credit cards, collateral from assets, and loans from friends and family members. Investing your own money gives others confidence in your new venture and your commitment to it.

Government grants

Acquiring a government grant can be a lengthy and laborious process, so whilst extremely valuable, a grant is unlikely to help in the short-term if you need money fast. Grants are usually awarded to businesses working towards a specific aim, and the criteria for eligibility can be very niche. Business ideas in sectors that make a significant contribution to society are more likely to be eligible to a government grant, particularly environmental projects and businesses working in renewable energy, the local community and innovative science.

Banks

Banks can offer your start-up business a range of flexible finance solutions to suit your needs. Bank overdrafts can provide short-term finance, whilst a bank loan is designed as a longer-term borrowing solution.

Commercial finance broker

Professional commercial finance brokers like our team here at Richmond Asset Finance are experienced at helping start-ups to find the most suitable finance solutions. Financing options that can be particularly useful for start-ups include asset financeand bridging loans, both of which can help you to gain the assets you require to get your new venture up and running.

Investors

Angel investors are wealthy individuals who seek opportunities to invest in start-up companies. It can be very useful to have an angel onboard with your start-up business as they are often willing to contribute experience and contacts to your business in addition to cash.

For more information about any of our commercial finance solutions, give our team of experts here at Richmond Asset Finance a call on 0113 288 3277.

How To Avoid The Business Funding Post Code Lottery

30th January 2019 / admin / Comments Off

According to recent reports, where a small business is located can have a big impact on how likely it will receive funding. While some areas offer excellent prospects for funding others are virtually feeding of scraps according to statistics.

Figures from 2016 show that businesses that benefitted from the Bank Referral Scheme totalled only 900 out of the 19,000 that had been referred after failing to secure loans from high street lenders. Looking deeper into the stats just 75 of these companies was located in in the North West.

Looking at more recent figures from UK Finance, things haven’t changed much when it comes to loan approvals by UK region. All regions saw a year on year fall in loan approvals in the final quarter of 2017 apart from Wales which saw a 55% increase compared to 7.6% decline for England.

The statistics show banks still a have a long way to go before they have sufficient trust in lending to small businesses throughout the UK with the exception of Wales.

To get around this problem, businesses should consider alternative forms of business finance to support ambitious growth plans such as asset financing.

Is Your Start-up Prepared for A Loan?

20th December 2018 / admin / Comments Off

Starting a business from scratch is tough and the odds can be stacked against you if you don’t have enough investment capital to plough into the business at an early stage. Taking a loan, however, is also a major step which is why we have put together this guide to see if your startup is ready for a loan.

Do you have a business plan ready?
Having a business plan written down is a crucial step towards getting business finance. Lenders are going to want to see that you are serious about your business and a business plan indicates to them that you have took the time to develop your business and you have a clear pathway towards growing it.

Can you prove there is demand for your product or service?
Having a business idea and putting it into a plan is one thing but testing it out in the real market place is quite another. It will strengthen your case significantly if you can provide some data on real sales made and that your business idea works.

Finally, do you know what you need a loan for?
Applying for a business loan without any idea what it is for will almost certainly end in a failed application. Finance providers will be looking for some assurance over what the money will be used for.

Types Of Business Finance You May Not Have Heard Of

20th November 2018 / admin / Comments Off

Your idea of business finance may be a trip to the bank to get a business loan and this is the route most SME business owners will go down. However, there are plenty of alternative sources of finance to explore including some of the following you may not be aware of.

Asset Finance
Asset finance is ideal for businesses that require expensive equipment but lack the funds to go and pay for all the equipment needed upfront. Asset finance can come in many forms from vehicle finance to finance on machinery. Asset finance is also flexible and can be arranged in the form of a lease or higher purchase (hp).

Invoice Financing
Did you know you can use your unpaid invoices to gain finance? You can use those invoices as collateral for loans or you can sell them to an invoice factoring company. This means you can get your hands-on cash in advance without having to wait for invoices to be paid. This is a great source of funding if you need cash in a hurry but with invoice financing you will still need to collect the invoice payments yourself.

Merchant cash advances
Another way to get your hands on some cash fast is to use a merchant cash advance. With this form of business finance, you receive a lump sum of cash up front and you won’t need to make a fixed payment each month. Finance can be paid back daily weekly or it can be paid out as a percentage of your sales from credit and debt cards. The downside is this type of finance can be more expensive than other options.