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BUSINESS LOANS

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Business Loan Enquiry
No obligation. There are many financing options available for most businesses. Also business acquisition finance.

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UK Business Loans

Most businesses come to the point where they need to raise finance in order to expand. The most common method of raising finance is a business loan (or commercial loan as it is sometimes termed).

 

Business loans work in a similar way to a repayment mortgage in that the regular monthly payments usually include a portion of capital as well as the interest.

click for free business loan advice

Often, a business needs to have been trading for a few years before a loan application will be taken seriously. An exception to this is if the business has sufficient collateral, e.g. owning its own property or premises.

 

To increase your chances of getting a business loan, you need to be prepared. That means you should have the following ready in a presentable form:

 

  • Your business plan including cash flow projections by month for the next two years.
  • A schedule of what the business loan will be spent on.
  • The business bank accounts for the last three years
  • Other business records for the past three years including balance sheets, profit & loss statements and tax / VAT returns
  • Your personal bank accounts for the last three years
  • Details of the directors and management

 

Remember that if you are able to provide security (collateral) i.e. a second charge over property, then this will greatly enhance the likelihood of a business loan being granted.

 

Some people may be surprised to know that many of the larger banks in the United Kingdom have a more flexible approach to business loans than they do with personal loans or mortgages. Be aware that different branches of the same bank can have completely different approaches toward issuing of business loans.

 

Compare business loans

Don't expect any favours from your existing bank! By all means include them in the shortlist to present your business loan request. But there are many more commercial loan companies in the market these days and there are plenty of funds looking for a home. The business loan marketplace is extremely competitive, so look around to get the best deal and consider using a specialist loan firm that has access to both the major banks and smaller lenders. Your existing high street bank will only be recommending one lender - themselves!

 

Watch out for early repayment clauses. Many business loan agreements have a clause that means you will be liable to a penalty of 2-5% if you wish to pay off your commercial loan ahead of schedule.

 

Finding lenders

One of the more successful methods of finding business loan providers is via an online facility. You can make a no-obligation enquiry here. We have been finding loans for businesses since 1992 and have excellent contacts at all the major banks and secondary lenders.

 

Alternatively, please compare business loans from the following featured providers: