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There are a few key steps to follow when applying for a business loan:

1. Check your business’ credit report – More favourable loans are offered to businesses with good credit. Make sure you’ve got a copy of your business’ credit report and ensure it’s accurate and up to date. You may choose to improve your credit score before applying for a loan.
2. Ensure your finances are in order – If you have existing debts, make sure to settle them before taking out further loans. This will demonstrate to lenders that you’re a safe bet. It’s also good if you can demonstrate a healthy cash flow. You don’t have to clear all debts, but the less, the better.
3. Check accounts for errors – Lenders will expect to see a complete profit & loss statement. They’ll also likely review your financial accounts, so make sure they’re accurate and recent (within the last 2 years).
4. Plan the amount you want to borrow and why you need the funds – You’ll need to explain exactly why you’re borrowing the money. You may be borrowing in order to consolidate existing debts, this is also acceptable. Take the time to plan out how much you can afford to repay and don’t stretch yourself too thin.
5. Consider costs – both financial and time – Products may need long-term managing. Some lenders may check in annually for financial reports. This takes time and resources; you should be prepared for that.

You absolutely can! Your options will be somewhat limited with bad credit, but by partnering with business loan specialists, like our team at Jones & Co, you’ll be able to secure funding even with bad credit.

Getting a business loan can be a daunting process, but it need not be. To make the process easier, we highly recommend talking to a qualified and experienced broker, like Jones & Co.

An unsecured business loan allows your business to take out a loan without having to provide specific asset security. Great for businesses with no assets, or ones that don’t want to put assets up as security. Generally interest rates will be higher with an unsecured loan.

Asset finance is the process of using your existing or new assets as security to borrow money or take out a loan. Often, this is used for equipment leasing and hire purchase, allowing you to gain access to new assets you otherwise couldn’t afford.

An asset finance loan allows your business to access equipment you otherwise could not afford. This is a great way to grow your business, as you immediately can use said asset to help secure new revenue streams. You’ll pay a regular amount to use the asset over an agreed period, meaning you don’t need funds up front.

When looking to finance a property development, you’ll need development finance, and often a bridging loan in the interim. Many lenders offer loans depending on the purchase price of your property. This loan will cover the majority of the purchase of the property and any relevant building work. It is usually expected that the lender will recoup their funds when the property is sold.

Most lenders will offer the initial loan based on the property purchase price. The lender will fund up to 100% of the cost of works, but this will be provided in arrears. You’ll repay this facility based off either refinancing into a longer-term mortgage loan, or via the sale of the property.

Funding a property renovation can be done in many ways. You may choose to remortgage your property, increase your existing mortgage, take out a loan against your property or apply for an unsecured loan.

To finance a second property purchase, you’d usually take out a second mortgage. Alternatives to this are:

1. Applying for a business loan (often secured against your first property).
2. Remortgaging your first property for a larger sum.
3. Using saved capital.
4. Taking out an unsecured loan.

A revolving credit facility is a lifeline for many businesses. It is a type of credit that allows you to withdraw money when needed, helping you fund and grow your business. You then repay what you borrowed, and can withdraw again once you need it. It’s an incredibly flexible funding solution for growing SMEs and larger businesses.

Credit cards, home equity lines and other personal lines of credit are all examples of revolving credit. If your debt is repaid monthly and the amount of available credit replenishes, then it’s revolving credit.

Debt refinancing is the process of consolidating existing debt by taking out another debt with more favourable terms. You take out new debt, pay off old debts and now enjoy a more favourable rate and better terms. Lovely!

Invoice financing is the process of borrowing against unpaid invoices up to 95% of their value. If you have clients with invoices outstanding, you can take a loan out against them. When the invoices are paid, you clear the debt. This allows you to get the funds you need significantly quicker, allowing you to reinvest in your business.

Generally, invoice financing works as follows:

1. You have invoices that are waiting to be paid.
2. You need funds now, so you contact an invoice finance lender.
3. The lender assesses your invoices and provides a sum of money (up to 95% of the invoice amount).
4. You gain this money immediately. Once invoices are paid, you clear off your debt and any associated fees.

Invoice finance facilities are where a lender uses unpaid invoices as collateral for your loan. Once invoices are paid, you clear your debt.