How To Get A Business Loan
In finding a suitable loan for your business it is important to understand the different types of business loan available and to ensure you are getting the right finance suited to your requirements. Business loans can be categorized under the following:
Your business may be entitled to a Government business loan or grant depending on the nature of your business and location. The Government start up scheme funds and mentors entrepreneurs where a low cost unsecured loan is made available over a 5 year term for qualifying businesses. Interest is paid on the loan and capital repayment holidays are available.
Unsecured Business Loans
Some lenders will consider providing a business if it has a strong trading record an unsecured loan although most lenders will want some form of security for larger loans. A number of new lenders using smart technology to analyze your monthly accounts and business model can offer loans for qualifying businesses on a unsecured basis. For start up businesses unsecured loans are usually capped.
A business secured loan is where generally the assets of the business are used as security for a loan.
Peer to Peer Business Loans
In recent years business peer to peer loans have become available to business owners looking to find alternative finance options to those provided by mainstream banks. Loans are provided by individuals through a platform such as LendingCrowd.
Business Bridging Loans
Typically loans between 1 and 12 months business bridging loans provide short term finance to cover a short term gap in funding. Use our bridging loan service to find the most cost effective deals in the market.