Retail businesses in the UK have faced many challenges of late, not least the impact of national lockdown measures due to Covid-19. Trading restrictions on physical stores, and the subsequent shift in people's shopping habits, saw a dramatic rise in e-commerce, with many retailers forced online or facing closure.
However, despite the disruption caused by the pandemic, the retail sector is faring well. Recent stats show that sales volumes increased by 1.6% on the previous year, demonstrating that the industry has surpassed pre-pandemic levels of growth, and beaten the predictions of several economic forecasters. In short, there's still hope for British retail.
Business loans for retail businesses
Given the pace of change in the retail industry, retailers can't afford to wait around for business funding. Whether it's purchasing more stock, expanding online operations, or launching a seasonal marketing campaign, retail businesses need to know that they have access to finance when they need it.
That's why traditional lenders such as banks might not be as attractive as they once were. Not only can it take weeks to secure a meeting, but banks' strict lending criteria means that many UK retailers might find themselves turned down for funding.
Alternative finance providers offer a quicker route to the funding solutions that your retail business needs to grow. Unlike banks, alternative lenders like Fleximize can deposit money in as little as 24 hours, and don't necessarily need you to have a perfect credit history to be considered for finance.
Retail business loans from Fleximize
Fleximize's small business loans are the perfect fit for retail businesses, offering both the speed and flexibility that retailers require. Here are the key features of Fleximize's funding options:
- Business loans of £5,000 – £500,000 over 3 – 48 months
- Speedy online application process with minimal paperwork
- Approval and deposit in as little as 24 hours
- No hidden fees or early-repayment penalties
- Competitive interest rates starting from 0.9% per month
- Interest charged on a reducing balance, not the total loan amount
- Repayment holidays and top-ups available with all loans
- Exclusive discounts on industry-leading business services
When applying for business finance with Fleximize, clients are assigned a dedicated relationship manager who works closely with them to create a funding package tailored to the unique needs of their business.
Fleximize will consider far more than a company's credit history as part of its decision-making process. If you can show us how you've turned around an inconsistent record of debt repayment, and that your retail business has the potential to generate sustained revenue and growth, you could be eligible for funding.
What can I use a retail business loan for?
Fleximize has lent millions of pounds to retail businesses. This funding has been used for a variety of purposes, including securing highstreet premises, funding website development, and buying new stock.
Securing new premises
If you're searching for a new shop or business premises, you will probably require a deposit. This could be 10-20% of the property's sale price or the equivalent of one to three months' rent.
Our retail finance can provide the funding you need for a deposit, allowing you to secure your ideal site without delay while spreading the cost over monthly instalments.
Developing your website
Moving your retail business online can be an excellent way to reduce business costs on wages, overheads, and other expenses. However, launching an e-commerce shop does require some investment. You'll need to cover the cost of building your website, any ongoing web hosting fees, upgrades to software like inventory management and payment processing, and fulfilment expenses such as shipping fees.
With fast access to affordable finance, business owners can cover the initial costs of digital expansion and reap the long-term rewards of online selling.
Buying more stock
Stock control is crucial for retail businesses. If a large order comes in or demand spikes suddenly, you may need to buy in bulk or diversify your product range.
Apply for a retail business loan with Fleximize
Applying for retail funding with Fleximize couldn't be simpler - just complete our short online form with a few basic details. If your business passes our initial checks, we'll be in touch to take you through the final steps. Once we have everything we need, your business could be approved and funded on the same day.
The video below features one of our retail clients, Polly Thompson, who borrowed £10,000 from Fleximize to help turn her online bridesmaid-dress shop NABBD into a thriving bricks-and-mortar business. Thompson has since topped up her loan twice to extend the company's range of dresses.
We helped Polly Thompson secure premises for her bridesmaid-dress business
To discuss funding options for your retail business, please don't hesitate to give us a call on 0207 1000 110. Alternatively, you can get a free quote online or, if you're ready to apply, just click on the button below. We look forward to hearing from you.