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Asset refinancing - more viable for small businesses

16-08-2012 09:44

According to Craig McNaughton, the area director for Lloyds TSB Commercial, asset refinancing is becoming an increasingly viable option for small businesses in the UK, and in particular engineering re-finance and printing re-finance. Thanks to the stabilisation of asset prices, the relatively low cost of funding and the availability of special government schemes, small and medium size enterprises now have a ripe opportunity to secure asset-based funding and invest in their companies.

Cost of financing has been falling since 2008

Figures from the Government's Department of Business, Innovation and Skills have shown that the cost of financing has fallen because of the Bank of England's low base rate, which has stayed at 0.5 percent since March 2009. Variable lending interest rates, for example, stood at 5.39 percent in November 2008, compared to just 3.5 percent by November 2011.

Asset refinancing is an excellent solution for businesses with a large volume of capital tied up in their assets, enabling them to convert their capital into cash to achieve commercial growth.

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