Originally written by fundingoptions on Small Business
Most companies, large or small, are likely to require funding at some point in their lifecycle. At times, you may need a quick cash injection to ease temporary cash flow issues, at others, a longer-term finance solution to set your ambitious growth plans into action.
You can use a small business loan to fund:
Hiring more staff
Purchasing equipment
Investing in stock
Paying for crucial expenses
Easing cash flow issues
With so many lenders on the market today from high-street banks to alternative lenders, offering innovative business loan solutions, there’s a business loan option out there for almost every SME.
You might even be eligible for a small business loan if you’ve been trading for less than two years, have a relatively low turnover or a less-than-perfect credit history.
Whatever your circumstances are, this simple guide to getting a small business loan is designed to cover the basics of what you need to know. Let’s start with a definition.
What is a small business loan?
A small business loan provides startups and SMEs with the finance they need to succeed. With a term loan, the business owner borrows money from the lender and agrees to pay it back, alongside any interest, over a set period