Recovery loan scheme is live - contact us today 01473 553 430
There are a few key steps to follow when applying for a business loan:
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:
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:
Invoice finance facilities are where a lender uses unpaid invoices as collateral for your loan. Once invoices are paid, you clear your debt.