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Business loans explained
It doesn’t matter if you are a limited company or sole trader partnership company, you can find a range of loans which you can use for whichever business requirements you have – whether you are starting a new enterprise and need a kick start or if you need a long-term boost. You can get a business loan from mainstream banks and lenders or from one of many independent lenders. The best way to go about finding one to suit you and your business is by taking some time to work out exactly what you want. You can find flexible cash advances, fixed rate loans and start up finance. Choosing the right one is much like choosing any other type of loan, you will need to compare interest rates, terms, loan periods and consider exactly what you can afford to borrow before selecting a loan provider.
Is my business eligible for a loan?
The criterion laid out for business loans varies greatly depending on the lender and the size of the loan. Some lenders require applicants to run a business with an annual turnover that is up to £25 million while other companies ask for much less (£3,500 a month is normal). You might need to prove your business credentials and provide the lender with merchant credit/debit statements. When you are looking for a business loan, look at what is asked on the application form to avoid disappointment.
How much can I borrow with a business loan?
Again, this varies hugely – you can get loans of between £1,000 and £25,000 and others which allow you to borrow up to £1 million and beyond. Note that depending on the size of your loan, your loan might be secured against a property – so bear in mind that you risk having that property repossessed if you do not keep up with repayments.
Read the terms and conditions
It is essential that you read the terms and conditions of any loan which you want in great detail. business loans are particularly serious financial products and need to be treated carefully. If you default on abusiness loan you will severely damage your credit rating and you may incur expensive penalty charges. You may also bankrupt your business and you will not be able to borrow again. It is often worth seeking expert financial advice before applying for a business loan.
30 April 2013
Whether a limited company or a sole trader – to start the ball rolling can be difficult, and a business loan can be the only solution to give one's enterprise a proper start. To make a company grow, it also needs investments from time to time - and here again a business loan can help you to move forward.
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21 June 2010
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Regardless of the size of your enterprise, in order to get a business loan there are a few things to consider…