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Business finance in general
When it comes to managing your business finances, it’s not all that different from managing your personal finances.
The key difference is the fact you want to seek out products that are specifically designed for business use, as these will offer better rates as well as other features aimed at making running your business easier for you.
Who are business loans for?
A business loan can be used by any type of business. It really doesn't matter what size you are just that you have a strong case to put to the lender.
You could be a sole trader or limited company or any other form of business - business loans are there to help you achieve your goals.
Who can apply?
You can apply if you operate a business. A word of caution though, getting a business loan could be difficult in the current climate as lenders have tightened their critieria.
To be in with a chance it's worth looking into your credit history and checking if it's clean. This will help with the application and getting the best possible rates.
What can I do if the bank says 'No!'
For most businesses the first port of call is their bank and then other high street lenders. As already mentioned the current climate means it can be difficult to secure a loan.
In these situations it may be worth visiting a specialist commercial finance broker. They have access to the whole of the market and can source from lenders that are not easy to locate or deal with personally.
Why use a broker to help arrange a business loan?
Typically business owners have enough on their plate keeping things running. Having to spend hours and hours visting the bank, searching the web or filling in forms can be frustrating and a waste of your precious time.
Using a broker means not having to do any of that. They do the hunting for you, all you need to do is tell them what you need. Your broker will then search from hundreds of different lenders to find you the right deal.
Here at Barr we have been able to secure loans when the banks have refused, even at favourable terms. Anything from £5,000 to £100,000.
To find out more complete the simple form below and one of our specialist commercial team will give you a call.