Raising finance for your business' operation isn’t always about striking up a conversation with a bank. While a mainstream finance provider, like a high street bank, is ideal for covering the cash flow of larger businesses, smaller businesses are increasingly looking towards a different way of securing capital – alternative business funding.

Alternative business funding, or alternative finance, is any type of funding for a business that isn’t sourced from a ‘mainstream’ provider, such as a bank. It's particularly useful for small to medium enterprises, as it doesn’t follow the same — and, often, frustrating — conventional frameworks as most high-street banks. Alternative lenders can therefore prove to be more efficient and quicker at providing funding through their various approaches.

Online lenders — such as iwoca — are designed to help independent traders and small businesses manage their cash flows and cover the purchase of larger investments. Your local coffee spot, bike repair shop and plumber can all benefit from alternative small business loans.

Quick fire facts about alternative business funding

  • Anyone can apply
  • It’s quicker than most bank loans
  • It might not matter if you have a below than average credit rating
  • Business can choose how much to pay back and how often
PBT Accountancy Limited - iwoca funding