Traditionally, when the owners of medium sized businesses need to borrow money, they turn to the banks. However, applying for a loan from the bank can be tough. Lending criteria’s have become much stricter and many business owners struggle to get their application approved. This has left Medium Sized Business owners unable to access the vital finds needed to grow and succeed further.
Another issue with these borrowing methods is that they tend to carry inflexible repayment terms. The loans usually need to be paid back monthly, which can be difficult for business owners as it damages their cash flow. It can also be hard to save for a large sum, especially during times when the business is naturally quieter.
Banks often charge high administration and processing fees, their strict payment regimes and long processing procedures have lowered banking expectations and many business owners have become deterred from trying to get a loan because they are worried that it would either affect their credit history or waste their time.
Luckily alternative business finance was created, which provides business owners with a much more accessible way to lend money. Year on year it is becoming a more popular and sought after option for business owners.
Richmond is one of the leading providers of alternative business finance, and we strive to help business owners from a variety of industries access the funds they need to grow and thrive.
To acquire funds from Richmond, you don’t have to fill out lots of paperwork, wait months for a reply or present a business case – it is designed for use as a fast, short term option to improve your business. You can even access further funds to support your continued growth if necessary. A large percentage of our customers choose to do this and come back to us time and time again when they have exciting plans.
We know that it’s important for businesses to be able to access funds quickly and easily, so we try and make the whole process simple and fast. Our main product is Business Finance focused on amounts in excess of K150,000. Furthermore our flexible repayment terms put you in the driving seat when it comes to servicing your loan.