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Business Loans

A staggering number of loan possibilities are currently available for people in business in the UK. Loans for commencing business, buying a business, raising money to pay off debts, obtaining a lower interest rate, expansion, enhancement, capital investments, refinancing of business debt or improvement are available according to your specific needs and circumstances. Innumerable lenders and programmes are available to businesses of all types and sizes.

Small or start-up businesses often find it very difficult to easily obtain sanctioned loans. However, this process is anticipated to improve following a review of the Small Firms Loan Guarantee Scheme or SFLGS. At any point of time, a business loan can become a requirement; finances will be required for the start-up, operational costs and further development processes. UK business loans are also widely available online.

The firm’s documentation supporting the feasibility of the business, and the necessity for the loan is prepared specifically for the lender or banker to peruse. The following are some of the compulsory data required:

  • A general idea of the market and customer base of your business and a comprehensive business plan
  • All financial statements pertaining to personal and business transactions
  • Deposit and guarantee (collateral) to secure the loan
  • Limited Liability Company (LLC) or Incorporation (where applicable)
  • If you have acquired the business, proof of ownership purchased by you
  • References for credit and tax returns

The documentation required may differ depending on the lenders or bank. You may have to submit additional documents if requested.

Although banks are the most popular source of business loans, they’re often considered more traditional when appraising the loan application. That’s why they prefer to finance companies or businesses that are large, reputed and well established. Banks offer credit to start-up or smaller businesses quite easily. However, extensive documentation of personal and business plans may have to be furnished in order to convince them.

Many other institutions and lenders currently provide business loans in the UK. Extensive research can identify the option most suitable for your business. Venture Capitalists seeking huge investments, lenders and angel investors who specialise in start-up or small businesses can be scrutinised to see if they fulfil your requirements. Many government programs have also been designed to assist people in acquiring business loans.

Examples of different types of business loans include small business specific programs, industry specific loans, micro loans for small amounts and community development loans. You can approach the institutions below to address your specific business needs:

  • UK Government Business Loan Information
  • Department of Trade and Industry
  • Companies House
  • UK Trade and Investment
  • Small Business Services
  • Business Gateway

People often have a misconception that business loans are only for the rich and the elite. However, there is enough opportunity in the UK for all business owners. Many institutions and lenders are available depending on your type of businesses. Thorough research of the market combined with professional loan advice will help you obtain a loan to set up or enhance your business.

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