It is a tough time at the moment with lenders tightening their risk policies and increasing rates in line with the BoE rate. However, as independent finance brokers, we have access to over 50 lenders, so we feel best placed to compare all of the available options for each business and offer unbiased advice.
We serve the SME market and can assist businesses that have a minimum turnover of £100k to raise the necessary capital to grow and expand their companies. Most of our lenders specialise in the unsecured markets, so you don't need to secure the loan against a UK property.
Is Aurora tied to a specific lender, or lenders?
No, Aurora Capital is completely independent and we have managed to help over 500 UK businesses with their financial borrowing needs and business goals.
What type of finance are SMEs looking for Aurora to arrange?
Well, this varies depending on each business' needs. The main types of finance requested are unsecured, quick decisions and working capital requests
Unsecured loans tend to be the most popular type of loan there is, due to the convenience and accessibility of them. Unsecured loans are typically used to fund new businesses and company expenses, such as staff expenses or refurbishments.
Secured business loans are also popular. This is when a business's property or assets are used as collateral. Due to the little risk involved for lenders, the chances of getting approved is faster.
Lets not forget The Recovery Loan scheme, the government-backed loan that helps businesses that have been financially impacted due to COVID.
What would be a typical turnaround for a new client knocking on your door for potential funding and what are the processes?
Each lender is slightly different depending on their circumstances and history. However, on average, we aim to provide decisions within 48 hours to our clients. Funds are then deposited 24 hours after documentation has been completed.
What part will Aurora play in the forecasted recession and actual energy crisis for the remainder of 2022 and 2023?
Aurora Capital will play a huge role in assisting businesses within this tough period. Unfortunately, not only will energy prices increase, but there is also a huge disruption in the supply chain across the globe. This means that everything is more expensive, which inevitably is eating into businesses margins.
Applying for financial support isn't a daunting and long process, as mentioned earlier, we aim to provide responses and deposited funds within 72 hours. As long as businesses are aware of their needs, we are there to support them.
Aurora Capital is a leading business loans provider, supporting any sized business in securing the capital they need for faster growth. Compare lenders and get the most appropriate and valuable loan for your business today.
