With a reported heat wave on the horizon for the UK this summer and staycations remaining popular, the entertainment industry can expect a summer of high footfall. Coinslot reports demand for amusements is at an all-time high.
Although the cost-of-living crisis causes some concern, often this sends the British holidaymaker toward UK attractions rather than international trips.
However, after the repercussions of the COVID-19 pandemic, the Ukraine war and dramatic rises in price inflation, many businesses have been turning to finance. Entertainment businesses are looking for help to manage cashflow or to finance new machines/equipment that drives potential footfall but are struggling to obtain it from traditional sources.
The rate of lending from banks to SMEs is at a record low with entertainment businesses among those struggling to obtain finance. 73% of applicants are potentially looking for finance in the wrong place, making it harder for them to invest for growth.
The latest Bank of England figures show the annual growth rate of lending to SMEs is at a record low, with many companies being declined. 73% of businesses are seeking finance from their bank, crowdfunding sites or peer-to-peer platforms.
High street banks typically have the tightest lending criteria, are not always able to offer a variety of suitable finance products and are unlikely to construct finance packages from a variety of best-placed lenders. Banks can also be reticent to lend at all to the gaming industry. Crowd-funding and peer-to-peer platforms do not necessarily give a reliable outcome. Portman is both a lender AND a broker with access to over 40 specialist partners. Working with Portman is likely to give entertainment businesses a greater chance of acceptance.
With new cabinets and game packs, simulators, jackpots, and cash handling machines coming out all the time, keeping up to date can put you at the forefront of the industry.
Asset finance allows you to spread the cost of new machines, equipment or even vehicles without the large initial outlay, paying the funds back over time in fixed monthly payments as you generate income.
If it’s cashflow assistance you need, we can help acquire the right loan for you. Cashflow loans can be used for any legitimate business purpose including operational, staffing, or marketing costs. They are also often used to refurbish premises helping to capture increased footfall and make this a very profitable summer.
Portman has been supporting businesses in the Amusements, Entertainment and Gambling sector for 15 years. In recent times we have helped entertainment centres fund growth, making new machines more affordable, or covered cashflow difficulties with short-term loans.