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Asset funding for the future of your practice

A recent report by the Finance & Leasing Association (FLA) found that the volume of financed assets among SMEs and professional practices is at its highest rate in six years. Data compiled at the start of April this year revealed a 12% growth in asset finance during the month of February, representing the seventeenth consecutive month of growth.

More specifically, IT equipment finance grew by a staggering 84% in the 12 months to February this year.

This growth in asset funding is closely aligned with growing business confidence, both in the SME market and in the UK economy as a whole. While for many years practices focused on survival, they have now turned their attention to growth, with almost half (46%) making it a priority for the forthcoming year, according to the British Business Bank.

And it's not just small professional practices that are waking up to the numerous benefits of asset funding. According to the Asset Based Finance Association (ABFA), £19.4 billion of asset based finance was provided to businesses in Q4 2014, which is a notable increase of 9% year-on-year. As the body quite rightly states, this growth is "primarily driven by businesses funding growth plans rather than replacing their use of traditional term loans or overdrafts."

According to the British Business Bank, the main reason for small businesses seeking finance last year was to purchase fixed assets. The growing importance of asset funding for small businesses has resulted in the body describing it as a key solution for future SME lending.

Asset funding has numerous benefits, both for SMEs and for the professions sector. Asset funding allows businesses to take advantage of the latest technology at the lowest entry cost while managing their cash flow. Put simply, asset funding gives businesses the support and flexibility they need when investing for growth.

Yet, in a recent survey, 20% of SMEs said that they had a poor experience when acquiring funding for their assets. At Syscap, we pride ourselves on providing tailored finance solutions to each of our customers and ensure that we take all your specific needs into consideration when arranging the most suitable option for your business.

With over 25 years' experience in funding assets to professional practices, and as the only endorsed finance provider to The Law Society of England and Wales and it's members, as well as a Member Rewards Partner to the ICAEW, you can be sure that choosing Syscap as your finance provider is a safe and positive move for the future success of your business.

To find out more about asset finance for your practice, please click here.

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