BEST FINANCE
AIMS
To advise businesses on the wider range of banking and financial services available in a fast-changing market
HOW IT WILL BE DONE
- By providing case studies to illustrate how local businesses have been successful in securing better banking and finance facilities by comparing the market and being willing to change providers.
- Via BFS' strong key partner relationships, we will signpost businesses (after initial assessment) to providers of a wider range of financial solutions where appropriate. These may include banks, European Investment Bank intermediate authorities, the NWDA and other non - mainstream providers.
COST SAVING
Switching banks can often result in the business saving money as the following may be provided for an initial period to entice new customers:
- Free banking - i.e. no activity charges for paying in, withdrawing, automated items such as direct debits and standing orders
- Better interest rates on savings and/or agreed lending facilities
- Fee free business credit card
Additionally, businesses may not be aware of other services available i.e. factoring and invoice financing, which can help cash flow, reduce the need for other forms of debt finance and are often reviewed at the start of a new banking relationship.
Case Study
Pub transferred to new provider as they offered them 6 months free banking and as a result saved £3250 over this term. Length of free banking terms are often negotiable and may depend upon factors such as turnover.
See Also Access to Finance