![](https://staging.ynygrowthhub.com/wp-content/uploads/2023/10/Copy-of-Website_Content_1123_1-e1702399662368.jpg)
Business funding in a crisis
Whether due to economic downturns, unexpected challenges, or a range of other factors, businesses in the UK at risk of crisis or bankruptcy may find themselves in dire need of financial assistance. Fortunately, there are various funding options available to support struggling businesses during tough times. In this article, we will explore some of the key sources of funding that can help businesses weather the storm and get back on the path to sustainability.
![](https://staging.ynygrowthhub.com/wp-content/uploads/2023/10/dividers-07-1024x37.png)
Business support organisations
Business support organisations in the UK, such as the British Business Bank and local chambers of commerce, often provide financial support to struggling businesses. These organisations can offer advice, mentoring, and financial assistance through various grants and schemes. As well as the support we offer at the Growth Hub, you may also wish to look at the British Business Bank, the Federation of Small Businesses, or Funding Circle.
Commercial finance
Beyond government and grant-based options, businesses at risk of crisis or bankruptcy can explore commercial finance solutions. These include:
- Asset-based lending: Businesses can leverage their assets, such as stock, property or income due, as collateral to secure a line of credit or a loan.
- Invoice factoring: This option allow businesses to sell their outstanding invoices to a finance company, which provides immediate cash in exchange for a fee.
- Business loans and credit: Traditional bank loans or lines of credit may be available to businesses that meet their lender’s criteria. Private lenders and online lending platforms can also be considered.
Turnaround specialists
If your business is in severe financial distress or at risk of bankruptcy, it may be advisable to speak to a turnaround specialist or insolvency practitioner. They can provide guidance and financial support to navigate the challenging process of restructuring and recovery. These professionals can help negotiate with creditors, develop restructuring plans, and manage the company’s financial affairs during a crisis.
Facing a financial crisis or the possibility of bankruptcy can be a daunting and distressing experience for any business-owner and their team. But there are a number of potential options available to try and navigate these challenges, and, along with a proper financial plan that plots a path out of the crisis, they can help businesses at risk of crisis or bankruptcy regain stability and thrive once more. If you are in this situation, we encourage you to consult with financial experts as soon as possible.
![](https://staging.ynygrowthhub.com/wp-content/uploads/2023/10/dividers-08-1024x37.png)
Learn more
Articles
Choosing your online marketing channels New 23
To help you make the right choices for your business, let’s go over some of the options available to you. It’s important to consider the pros and cons for each marketing channel and whether the channel is a good fit with your target audience. Email marketing There’s often confusion about whether email is inbound or
The legal requirements for starting a business
The legal requirements for starting a business can seem intimidating...
How to write a good business plan New 23
Organisations such as the Start-Up Loan Company...
Resources
Webinar: Getting S*** Done - Don't let your business run you
This webinar with business coach Gareth Allen will give attendees some ideas about staying organised and on top of their workflow as well as suggesting some specific solutions and discussing delegation.
Webinar: Understanding your Market - Unlocking the potential of your business.
This webinar with tourism marketing expert John Gallery will assist businesses to identify their target markets and share ideas how to reach them.
Webinar: Growing your social media following and engagement with ShopAppy.com
The second webinar in our ShopAppy social media series will explain how you can increase your following and engagement with your local community.