The ICPA Funder Finder: a new benefit for members
Phil Wright of Alternative Business Funding introduces a new way you can source funds for clients using an HM Treasury-designated business finance comparison website
Our new business finance comparison engine opens up new conversations and ways to engage clients by offering access to a fair and safe web engine that revolutionises the way that professionals can offer clients access to a whole-of-market solution, in a fully compliant way.
Businesses need money: to grow, for working capital, for R&D, and for many other purposes. Yet finding funding can be an onerous task. Banks are usually the first port of call but can say no even if your finances are in good shape (wrong sector at the wrong time, for example). And if your credit rating is less than sparkling then, well, the answer may not surprise you.
True, there’s a whole raft of alternative finance providers that can step into the breach, but the choice can be daunting; which ones will lend, which products are suitable for your business, etc.? It takes a lot of time and effort to find the answers, time that can seriously detract from the day-to-day running of the business.
The ICPA Funder Finder engine is simple and free to use. The engine uses straightforward information to match business users with an impressive selection of finance market leaders within minutes, with funds available from £500 up to £50 million.
Asking just 17 questions about the business and funding needs, the engine searches through 145 different funders and products, ensuring the solution is both suitable and appropriate by putting the business owner at the heart of the process.
The questions can take as little as five minutes to complete and, critically, the process does not affect the business’ credit rating. The solution is fair to the SME as funders cannot buy the way to the top of the rankings and your customers would pay no more by using the engine than going to a funder direct.
The ICPA Funder Finder is the engine powering Alternative Business Funding. ABF is one of only three designated platforms. This means ABF was subjected to significant due diligence by government agencies and provides real peace of mind.
So what are some of the benefits to you as a member using this tool?
• Access to a compliant, whole-of-market finance solution.
• Start new conversations and extend your customer journey.
• A new way to generate revenue.
• A back end portal to manage and review your referred customers, account and content.
• Access to engaging content, through guides, videos and much more.
Funder Finder can generate income for you. Most of the products on the platform pay commission, if so it is split with you (note that products are not recommended on the basis of how much they pay). Some firms choose not to take the money, seeing Funder Finder as an extension of their service, which is fine. Many however value the additional income stream in these days of reducing fees.
Whichever, it does give you something different to talk to your clients about, something over and above compliance. If a funding request is declined for example does the business need help structuring their finances to make them more attractive to lenders? There’s much debate these days about the move from compliance to advisory services, but funding is a very real need. If you can’t help your client then someone else probably can.
If you would like to use this great benefit contact India Lewis, Partner Relationship Assistant for Alternative Business Funding. India can guide you through the process, which is quick and easy and can be done over the phone.
• Demo site: https://demo. alternativebusinessfunding.co.uk
• Video: https://tinyurl.com/y95hypjb
• India Lewis: [email protected] businessfunding.co.uk
• Phil Wright, Alternative Business Finance