6 WAYS TO GET FUNDING
There Are Many Finance Options For You As A Fitness Business Owner. Swoop's Experts Will Be Able To Guide You Through Applications For All Of Them, So Here Is A Quick Guide On What They Are:
- Invoice Finance
Invoice finance allows business owners to extend terms or finance an unpaid invoice. It borrows money based on what customers owe to a business. There are a few options of invoice financing that are interest free or for the larger invoices with terms of up to 60 months. - Asset Finance
Asset finance is a type of lending that gives you access to business assets such as equipment, machinery and vehicles. - Working Capital Finance
Working capital is the amount of money that a business has access to for day-to-day expenses, such as rent, bills and payroll. Working Capital Finance is usually a small and short-term loan to cover these costs and is particularly useful for seasonal businesses which have uneven income through the year. - Commercial Refinance
If a company has a number of loan products that are no longer right for them, they may be able to refinance their loan - for example, they may choose to pay it off more quickly at a higher interest rate. - New Business Finance
This will be a substantial loan to cover all start up costs for a new business that they cannot meet from existing funds. Business start up loans are usually considered high risk as many businesses fail; as franchises offer business owners the chance to buy into an established and recognised brand, they are generally seen as a 'safer bet' by lending institutions. - Finance To Purchase An Existing Business
Loans to cover the cost of buying an existing business will be costed based on how the business has performed in the past and the plans for running the business that the new owner has. Depending on circumstances, this may be seen as quite a low risk loan by the lender.
FAQ
- What is the FMA Finance Finder?
The FMA Finance Finder is a business funding platform which enables you to quickly and simply discover funding solutions tailored to your business across loans, equity and grants. Using the platform will speed up and simplify access to the funds you need. - How will it make it easier for my business to access finance?
The basic premise is to open the funding market to businesses. We want to give businesses immediate access to the funding options that are on the market that they’re eligible for, and the ability to simply and quickly apply. It will mean they don’t have to fill in endless forms and provide pages of information without knowing whether they will get the funding they need. The Finance Finder searches over 1000 funding providers to give the most suitable matches. - What information will I need to provide?
As an FMA fitness business you can set up a free account. You will need to add key information about your business and the funding that’s needed. You will then be asked to integrate your financial data which you can do in three ways: manually input your information, integrate your accountancy platform, and/or integrate your bank account via the Open Banking API. It’s a very straightforward process. - How secure is the FMA Finance Finder?
We will need to gather information about your personal circumstances. The information you provide will be subject to the Data Protection Act 2018. The FMA Finance Finder is powered by Swoop Finance Limited which is authorised and regulated by the FCA as an Account Information Services Provider (reference number 833145) and has been mandated by the Competitions and Market Authority to work with the major UK banks. Personal and business information is encrypted and protected using the same industry leading technology that the banks use. Swoop uses measures like double-factor authentication, designed to protect access to your account and personal information. Swoop is bound by strict privacy guidelines. For full details on the usage of personal information please read their Privacy Policy. - I don’t know whether my business is eligible for any funding, how can I find out?
The FMA Finance Finder will analyse the data you provide and calculate your viability for funding. It will then match you with the appropriate funding providers. A team of funding experts will be on hand to speak with you and guide you through the process. The searches through the FMA Finance Finder do not affect your credit score and no credit checks are undertaken by FMA Finance Finder. - Will my credit score be affected?
Signing up on the FMA Finance Finder, seeing your funding options, and talking to a member of the team won’t influence your credit score as you won’t be credit checked at this stage. Each lender has its own requirements, but you will never be credit checked by a lender unless you have given your explicit consent. Personal credit checks are highly regulated, and you have rights as an individual for your personal data to be protected.