Gaining quick access to credit is something every small business owner longs for, but being able to secure it isn't always easy.
However, if you decide to take on a trade finance facility then you could find your plans for expansion become a reality sooner than you think.
What is trade finance?
Trade finance works by providing you with 100 per cent of supplier costs on domestic and international orders once you've received confirmation from your customer.
Once it's been approved, this is then used as collateral to provide you with a line of credit to your suppliers.
Why should I choose trade finance?
A trade finance facility is beneficial because it works alongside the specifics of your business and industry. You'll receive funding from the moment an order is placed right through until the payment has been received.
This means you can keep money aside to deal with a host of other small business expenses, including overheads, staff wages and any materials you might need.
It can sometimes seem like bank loans are the only place to turn when you need a helping hand, but trade finance eliminates this need and instead offers you a much more flexible means of securing funds.
Another advantage is that your application will be judged based on the creditworthiness of your small business as opposed to your credit standing, therefore increasing its chances of success.
You don't have to worry about paying deposits upfront to keep your small business cash flow in check, as trade finance will make sure your company has whatever capital it needs to stay afloat.
If you've previously worried about taking on large orders then this doesn't need to be an issue either. Trade finance keeps your books ticking over so your company can grow at the rate you'd hoped for.