With technology constantly developing, the threat of a cyber-attack on your business is now a greater risk than ever. In 2016, a report from the FSB highlighted that even though the majority of small firms (93%) took steps to protect their business from digital threats, two thirds (66%) found themselves falling victim to cyber-crime over the previous two years.
For smaller UK businesses (anyone with 99 or fewer employees), the average cost of their largest cyber incident in the last 12 months was £25,736[i]. This only reflects the immediate cost of the damage, and doesn’t even begin to consider the long-term impact that this threat can have on the reputation of the business and the loss in confidence it can cause for their customers.
To combat the hackers, many small businesses are investing in computer security software, as well as performing regular updates on their IT systems. However, this can cost a considerable amount of money that many businesses just can’t spare.
Spread the cost of your security
Many businesses can’t justify buying a piece of software, or paying for a system update, as these things are a considerable expense that isn’t easily budgeted for. Buying this outright ‘as and when it happens’ can put a significant strain on a business’ cash flow.
At LDF, we offer short-term loans that can help you to cover the cost of purchasing or updating software licenses, and to repay this back over a term of 3 to 12 months. This loan option can also be used to finance other recurring business expenses such as Corporation Tax and VAT.
Our Business Development Loan also helping businesses to fund growth by financing key development costs. It can help you to cover a wide range of costs, including, but not exclusive to:
- Renovations and refurbishment
- Marketing and Advertising
- Research and Development
- Training Costs