Feb 26, 2011 - Leading financial provider, Barclay's bank has announced its move towards ditching its asset finance provision, which it had previously provided to firms with an annual turnover of less than £5m.
This decision follows their original promise that they would increase loans to small companies, and could potentially affect thousands of business clients, who rely on banks, such as Barclays, to offer them the financial assistance, and investment, they need in order to either get off the ground, or keep their business afloat.
These businesses will now be forced to look at alternative forms of assistance to help them out, with the purchase of necessary assets, such as new equipment like computers and printers, to vehicles like delivery vans.
Nevertheless, Barclays are not entirely unique in their decision, as several other well-established providers have moved to switch roles around within their asset finance divisions. Companies that have had such switch-arounds, include:
However, despite the growing demise of banks providing such services, there are other options that are potentially much more appealing, in the form of asset finance specialists.
These specialists are a great deal better equipped, than banks for many reasons:
*Because asset finance companies dedicate their time and money, essentially to that one area, Portman Asset Finance will have a greater level of knowledge surrounding asset finance. Banks don't have this advantage, as they often don't have the provisions to hire enough staff to specialise solely in that area of finance.
*Since Portman Asset Finance have a greater level of knowledge when it comes to asset finance, they are able to provide a greater level of in-depth guidance and advice.
*Any company, such as Portman Asset Finance that specialises in asset finance are willing to help young businesses that have a turnover of less than one million, making them a great deal more accessible to small businesses, which may still be in the early stage of trading.
*Banks may only offer asset finance in a select few areas however, a specialist, like Portman Asset Finance will be able to facilitate offering asset finance assistance in a wide variety of areas, including agriculture, vehicles and equipment.
*Because Portman Asset Finance specialises in asset finance, they have more expert skills at hand to help individual start-ups and young businesses, as well as growing businesses and corporate businesses in much more depth, dedicating much larger amounts of time than a bank is able.
Portman Asset Finance provides finance solutions from as low as 3%, a decision is often made within 2 hours and can provide funding from £1000 to £10 Million. Contact the Asset Finance division at Portman Asset Finance today on 0844 800 8825, email firstname.lastname@example.org or visit http://www.portmanassetfinance.co.uk
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