Business Loans for Manufacturing Businesses
The UK manufacturing industry is amongst the top 10 largest in the world. Great Britain was the original birthplace of the industrial revolution and is still a powerhouse when it comes to manufacturing. The industry employs more than 2.6 million people and is a diverse sector. The reasons why manufacturing businesses might need an injection of capital are also diverse, which is why it is advisable to work with experienced commercial finance brokers who can ensure that you are getting the best financial product for your needs.
Why Choose Elite Business Funding for Your Manufacturing Business Loan?
At Elite Business Funding we have funded many SMEs from the UK manufacturing sector, and for a range of different purposes. By understanding how the industry operates and the challenges manufacturers face we are well equipped to assist you and can advise on the most suitable option for your specific needs. We understand the demands that manufacturing businesses face when needing to scale production, and for this reason, we have specifically designed our manufacturing loans for a quick application and approval process.
What Can a Manufacturing Business Loan be Used For?
At Elite Business Funding, we assist UK SME manufacturing businesses in several areas. Cashflow is a common challenge for manufacturing businesses, with many being required to make regular payments to their suppliers while waiting for payments to be invoiced from their large customers. Meanwhile external events have contributed to mounting costs for raw materials, logistics, labour and energy, resulting in an increased production costs and the need to drive cost savings through operational efficiency.
Typical uses for business funding may include:
- Cashflow to ensure business continuity between customer payments
- Increasing production or expanding your product range
- Purchasing manufacturing equipment and machinery
- Freeing up cashflow in existing machinery you may already own
- Purchasing new software and/or replacing legacy systems
- Employing more or skilled staff members
- Bulk purchasing raw materials
- Covering increased costs as a result raw material inflation and global supply chain challenges
How to Apply for A Manufacturing Business Loan
At Elite Business Funding, our business loans are simple and transparent. There are no hidden costs, and we are upfront about how the approval process works. With years of experience in supplying business loans, even if you’re unsure about the loan process, it’s worth contacting us and we can discuss your requirements further.