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Although it is common for people in business to approach banks for finance, there are other options available that may be a better fit for your business. Non-bank lenders may have lower interest rates and charges, and be able to make loans over a longer period than a bank. They can also be less restrictive about high loan to value and issues like poor credit rating or experience of recent losses.

It is important you read all agreements carefully before you borrow from a non-bank lender and find out if any assets will be required as security.

If you are interested in obtaining finance from a non-bank lender, consider the following:

1. Commercial loan providers

Commercial loan providers - also known as non-banking financial institutions - are organisations that provide financial services like loans and credit facilities, but don't have a banker's licence. This means they cannot take deposits from the public or offer normal banking facilities such as overdrafts. However, they can have less restrictive lending criteria and may be a useful and competitive source of funding.

Commercial loan providers in Northern Ireland include the NI Small Business Loan Fund provides in the small, medium and micro enterprise size range.

2. Social and community lending

You may be able to borrow money from a credit union which is likely to be more affordable than a bank loan. There are also various lenders that offer loans to disadvantaged groups, community businesses and social enterprises. See social and community lenders.

3. Joint ventures and partnerships

One way to increase resources is to enter into a joint venture with another business. This can offer many advantages - such as increased capacity, access to new markets and the availability of greater technical expertise. See joint ventures and business partnerships.

4. Factoring and invoice discounting

It may be possible for you to raise funds against unpaid invoices. Invoice discounting, factoring or supplier finance can all be useful methods to improve your business' cashflow. See factoring and invoice discounting.

5. Equity finance

You could sell shares in your business if you want to raise long-term finance. This would mean you won't have to repay the debt or pay interest, but it will involve partly giving some ownership of your business and its future profits. There are various sources of equity finance, including venture capital, the stock market and business angles. See equity finance.

Equity funding in Northern Ireland includes:

• TechStart Proof of Concept Grant, which provides .
• Co-Fund NI, which is an . 

6. Crowdfunding

Crowdfunding is where a number of people each invest, lend or contribute small amounts of money to your business or idea. If you seek funds this way, you would typically set up a profile of your project on your website then use social media and various networks of business, family and friends to raise the money. See crowdfunding.

7. Family and friends

Family and friends can offer credit on a flexible, long-term and low-cost (or free) basis. You should make sure that the terms of any loan are clearly understood by both parties. See financing from friends and family.

8. Government financial 91香蕉黄色视频

If your small business is struggling to access bank finance, there is a government scheme in which the UK's biggest banks will pass on details of any businesses they have rejected to alternative finance providers. These are:

If your business is new or expanding, you could be eligible for business development grants or other government 91香蕉黄色视频 schemes. See grants and government 91香蕉黄色视频.

Social lenders are generally non-profit making organisations that can offer loans and credit.

Co-operative and community finance

Employee-owned or community businesses can apply to borrow money from the Industrial Common Ownership Finance Fund. Eligible organisations include social enterprises, co-operatives, development trusts and charitable businesses.

Find out about .

Credit unions

Credit unions offer loans that are accessible and affordable. They are owned and controlled by their members. This means they have to make decisions that are in members' best interests, rather than to make money for external shareholders. There are also no penalties for repaying loans early.

Find out about with the Association of British Credit Unions Limited (ABCUL).

The King's Trust

If you are aged between 18 and 30, you may be able to get financial 91香蕉黄色视频 from the Prince's Trust. The charity's Enterprise Programme provides loans, grants and advice so that disadvantaged young people can start their own businesses. To be eligible, you need to be unemployed and unable to raise all the finance you need from other sources. Read about the .

There are alternatives to standard business loans that you may find are more suitable for your needs - particularly if you need the money for a long or short period. Some of these options are also available from banks. Your type of business and its current needs will determine the choice of provider.

Short-term funding

If you have a temporary cashflow problem, eg non-payment from a creditor, short-term funding may be able to help. Short-term funding sources include credit cards, payday loans and invoice finance.

Credit cards are available from building societies as well as banks, and these can be used to make business purchases using credit. However, it is important that you keep track of your credit card spending, as it is among the most expensive forms of credit - see types of payment cards available.

Payday loans are very short-term loans that can be applied for online or over the telephone. Interest is calculated on the amount you borrow and the agreed repayment date, which can range from one day to a maximum of one month. Rates of interest can be high, especially when compared by APR, but can be cheaper than an unarranged overdraft. You should always check that the lender is reputable.

Invoice finance offers ways to access working capital by unlocking the value of invoices - although interest rates and charges apply on the cash advanced. There are three main types of invoice finance:

• invoice discounting - this allows you to draw on funding secured against approved invoices
• factoring - this involves you selling your invoices to your financier for them to process
• supplier finance, also known as 'supply chain finance' or 'reverse factoring' - if your buyer offers this it can give the same benefits as factoring, but usually at a much lower cost

See factoring and invoice discounting.

Long-term funding

If you are looking to expand your business or fund a new product or service, longer-term funding and investment can help. Non-bank investors can be a good source for small businesses, as many are prepared to lend to riskier ventures, such as start-ups.

Equity finance can provide investment in exchange for a share of the company or its future profits. This could be through business angel or venture capital investment, or by issuing shares in your business - perhaps to family, friends or employees.

For more information, see:

• equity finance
• business angels
• venture capital
• shares and shareholders 
• raise long-term funding through debt capital markets

Before approaching a non-bank investor, you should make sure your business is investment ready by:

• keeping yourself well informed about your business finances
• having an up-to-date business plan
• being clear about the amount of money you require and what it will be used for
• carrying out market research to demonstrate that there's a market for the products or services that you intend to sell
• producing cash flow projections for the next 12 months to show that you will be able to afford repayments, including interest and fees
• carrying out a SWOT analysis (strengths, weaknesses, opportunities and threats relating to your business)
• ensuring your business and personal credit ratings are up to date and error-free

For more information, see measure performance and set targets.

Getting the best deal

When looking for finance for your business, it is important that you choose the option that best suits your business - see business financing options - an overview.

You should compare different providers of non-bank finance - if necessary using a finance broker - and always read and research the small print of any investment offers.

Loan guarantees

Most non-bank lenders will ask you for some form of guarantee before granting a loan. This could include assets such as property owned by the business. You may also be required to ask another person or another business to act as a guarantor and guarantee the loan. The guarantee means that the lender will claim from the guarantor if your business cannot meet the repayments.

Some lenders will also require personal guarantees - eg from your board of directors or business backers.

Many loan providers require you to take out loan repayment insurance to cover repayments if your business meets cashflow problems.

For more information, see providing a guarantee for your loan.

Take care to avoid unauthorised lenders - otherwise known as loan sharks. An unauthorised lender may give you quick access to credit, possibly without needing a business plan or security, but there may be drawbacks including unfavourable interest rates and loan terms.

To find out if a lender is licensed by the Financial Conduct Authority (FCA) you can .

You may be dealing with a loan shark if:

• the salesperson is pestering you or is particularly pushy
• the interest rate is significantly higher than other lenders
• the company is reluctant to show you the loan terms and conditions
• you are asked to tie yourself into a longer-term contract than you need

You may also find yourself a target for loan sharks if you have a poor credit record and would normally find it difficult to raise finance. Read GOV.UK .

For information on how you may be able to secure non-bank finance, see eight types of non-bank financial 91香蕉黄色视频.