How to fund the relocation of a business
Depending on your business, it’s sometimes necessary to move to new premises. This might be to accommodate a growing number of staff, new services, or equipment.
However, this can be costly. Not only to purchase or arrange a lease on your new premises, but also to make your new building, factory or office fit for purpose, and to move your existing equipment to its new home.
We explain different ways the relocation of your business can be funded.
The government provides access to schemes designed to help and encourage the growth of businesses.
This includes a range of loans and grants, which can be used to help cover the cost of relocating your business. They can also help complete any necessary work to make your new premises fit for purpose.
These financial opportunities are often decided at a local level, like your local council and chamber of commerce. So it’s worth contacting your local business growth hub for more information.
You could also seek to secure investment into your business to help you relocate to bigger and better premises.
Seeking investment can, however, be a long process. Finding investors and securing the investment, itself, can take time. When considering that the search for, and acquisition of, new premises can also be a lengthy procedure, this might not be advisable if you need to move sooner rather than later.
Another option may be to take out a business loan to cover costs or help to improve cash flow, following your move.
Loans are often dependent on a credit check being successful, and then you’ll need to make the agreed repayments. While a business loan can provide the injection of cash your company needs to pay for a relocation, when signing up to one you should make sure the terms are agreeable and your business finances can cover the repayment costs.
How can FSB help with my business relocation?
FSB members have access to our Cash Advance service. This small business loan can assist companies looking to cover the cost of a relocation.
The unsecured loan enables funds to be transferred to your business quickly. Repayments are designed to have little impact on your business’ bottom line. They can also be arranged as a percentage of your credit and debit card transactions or monthly direct debit.
The cash advance, provided by FSB, can help businesses in a number of areas, including:
- Paying bills
- Purchase of stock or equipment
If you would like to learn more about business expansions, or how a cash advance could benefit your business, please visit our FSB Cash Advance page or speak to a member of our team.