How to get your business idea funded by The Funding Hub

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61% of small businesses say they need funding to achieve their 2022 goals.

Are you part of that 61% and are looking for funding to take your business to the next level?

If so, keep on reading!

Now it’s easier than ever before to find personalised funding options and lenders who specialise in funding specific business sectors.

Let us introduce you to The Funding Hub.

Enterprise Made Simple has partnered with Capitalise to allow you to find funding options you’re most likely to qualify for and always find only those partners that put your needs first.

While finding tailored results and applying for funding is very quick and easy, we understand that you still have questions about how the whole process works, how much you can borrow and whether there are any risks.

To help you make an informed decision about whether The Funding Hub is something you would like to explore further, let’s answer some of the most frequently asked questions!

How does the process work?

When we say it’s easier than ever to find personalised funding options, we mean it!

Typically, to get funding, you need to figure out which funding is best for your business and where to get it from. Then you need to fill in long application forms.

The whole process is definitely time-consuming and can be quite overwhelming.

But not with capitalise! To find out the best funding options for your business, all you have to do is complete three simple steps!

  1. Fill in the form. This takes no longer than 5 minutes.
  2. Complete some final steps in your application.
  3. Receive results that are tailored to you and your business in minutes!

Once you have those options, you can apply to up to four lenders by filling in only one application form!

What information do I need to provide?

To get matched with the right lenders for your business, you will need to provide basic company and accounting information. Examples may include:

  • Name and address
  • Company details
  • Filed accounts (where available)
  • Most recent management accounts
  • Director history

How do I know that suggested funding options are really the best for me?

Capitalise works with over 100 funding providers, including high street banks, alternative lenders and independent lenders.

All these lenders offer a wide variety of products and have a proven track record supporting similar businesses within your sector, so you can be sure there’s something suitable for your business!

Depending on the answers you give when filling in the application form, Capitalise scans all the options available and matches you with those that not only serve the needs of your business but also those that you’re most likely to qualify for.

Moreover, at the end of the day, you’re the one who chooses the funding options to apply for. So even if you feel like the top match isn’t as good as other options on the list, you can skip it and choose those that you believe are the best for you and your business!

What businesses can use The Funding Hub to find funding?

All UK businesses from all different sectors can use The Funding Hub to find the best funding options available.

Depending on your company status (Sole trader, Limited company or Limited liability partnership) you will be presented with different lenders.

Traditional lending usually requires more trading history. For example, a good match would be a business that has been trading for 2 years with at least £400,000 in annual turnover.

But depending on the type of your company, you may be eligible to borrow from the start if you have invoiced other invoices, or four months after the start of the business if you have a PDQ machine.

Also, the fact that Capitalise works with over 100 lenders means that they can work on a case by case basis, so don’t be afraid to browse!

Moreover, it’s important to note that if you’re a sole trader, you can only borrow money to use entirely on your business. Capitalise is unable to help with respect to consumer lending, for example, lending for the purpose of a buy to let property.

How much can I borrow?

Typically, the range starts at £25k+. However, smaller amounts are available in some products.

The maximum amount you can borrow depends on the type of funding you’re looking for, your business credit rating, turnover, etc.

How much interest will I have to pay?

Again, the interest rate depends on the type of funding you choose, the lender providing it, your business credit score and more.

But don’t worry – you will know exactly how much interest you will have to pay in advance, so you can make an informed decision about whether you want to accept the offer.

Will browsing and applying for funding affect my credit score?

Searching will have no impact on your credit score.

However, when you actually apply for funding, a lender will do a hard search of your business credit profile. Too many hard searches in a short space of time can have a negative effect on your business credit rating.

This can happen when you’re not sure of what kind of funding is best for you, so you apply for many different options.

Luckily, Capitalise keep the number of hard searches to a minimum. This means they only send your application to the lenders that are most likely to approve your business funding.

Can I still get funding if I have a low credit score?

If your personal or business credit score is low, it can be harder, but rarely impossible, to get a loan.

Depending on how low your score is, the lender might charge higher interest rates or ask you to repay the money over a shorter period of time.

If your credit rate is too low to access funding through Capitalise, you can sign up for a free Capital Report that does not only show your credit score but also shows how it compares to similar businesses, explains what factors are affecting it negatively and gives tailored advice on how you can improve it!

Are there any hidden fees?

There are no fees! Capitalise helps you find the best options for free and you will never have to pay more than when you approach lenders directly.

You might be wondering – so how do Capitalise make money?

When you receive funding, Capitalise gets a commission which is paid by the lender. Commission rates are at market rates or lower and will be illustrated throughout the process.