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SME Options for Commercial Funding

Published: 30/06/14

The trade body for UK finance brokers; the National Association of Commercial Finance Brokers (NACFB) was formed in 1992 primarily to establish measurable standards of proper professional practice in sourcing commercial funding for SME’s.

However, moving beyond its Code of Practice, they wish not only to help their members, but the wider SME market to find funding for their business –“particularly through these difficult times. From 2008 the lack of funding in the market saw our members and their customers struggle to finance their businesses. We had 84 different lenders at the start of this period; this number had fallen to 45 at the start of 2010. We now have more than one hundred Commercial Finance Lenders and we're always in talks with more.”

And to do this the NACFB has launched a separate website called findSMEfinance, which is pretty much designed to do what it says on the tin and facilitate access to commercial finance via an approved independent UK broker. The website asks SME’s to complete a relatively simple questionnaire and then based on this information recommends the most suitable broker for their needs.

The NACFB tells us that they have multiple Commercial Finance Lenders specialising in:

• Commercial Mortgages

• Leasing and Asset Finance

• Factoring and Invoicing Discounting

• Vehicle Finance

• Development Finance

• Bridging Finance

• Buy to Let Mortgages

Their main site states: “The NACFB has recently gained national recognition and has approximately one thousand experienced commercial finance individuals as members spread right across the whole of the UK, offering a wealth of knowledge that is available to all businesses. Our lenders are once again increasing, and act as a real alternative for those businesses that cannot gain funding or have lost funding through traditional sources. We currently have more lenders than at any time in the past, consisting of New Commercial banks, High Street banks, Lessors, Cash flow Specialists, Factors, Specialist Asset Funders and Peer to Peer Lenders. “

As well as lobbying government, they also organise a number of events with the NACFB Commercial Finance Expo at The Pavilion NEC on June 25 2014.

The NACFB requires all its members to demonstrate recent experience and to pass a number of mandatory qualifications. Members have to demonstrate ongoing experience and training through each year, and must also adhere to a tested Code of Practice. All members hold current consumer credit licences and data protection licences, and all are covered by Professional Indemnity insurance. Over five hundred broker firms and well over one thousand individual brokers comply with this voluntary code. They're spread right across the UK. In return, they have access to the industry's broadest selection of funders, including a number of alternative, non-high-street names with specialist products.

For more information about the NACFB see http://www.nacfb.org/index.html or to utilise the SME find finance service see the website here http://www.findsmefinance.co.uk/

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