Obtaining a business loan for your company is accomplished by securing non-banking (which is often simpler than obtaining) financial services that fill the gaps in the traditional funding sector.
Short term business loans for small business directly aligns with your business’ turnover. It is the ideal choice for boosting young businesses with quick turnaround times and flexibility in how the borrowed money can be used. With short-term business loans, there is less importance placed on credit rating and more on the business’ trading history. It is most suitable for businesses looking to take advantage of an exciting opportunity or wanting a quick stopgap of working capital.
Unsecured business loans boast similar benefits and processing to small business loans, but without restrictions on age and turnover. Precedence is given to the applicant’s credit record. This often results in preference being given to those with a solid financial history. Unsecured business loans are best suited to businesses looking for cash to grow and develop, but who do not want to part with equity. Most business owners would seek other alternatives before parting with their personal assets for a business venture.
Asset finance is well suited to those sizeable investments that are necessary for future sustainability but are not immediately affordable to a business. The finance terms are calculated on the value of the desired asset and the duration of repayment, making this solution suitable for businesses that want to split the cost of an asset into a more manageable repayment plan.
Choosing the correct loan for your business can be confusing, and if not done correctly, it can lead to indebtedness. Our consultants, who have extensive experience in this area, will help you determine which option is best suited to you and your business. Contact us to assist you with obtaining a business loan.
