Tag Archive for Business loans

Hot Business News Today

How to get a business loan in 5 steps

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By Timothy Adler on Small Business – Advice and Ideas for UK Small Businesses and SMEs
Running a successful small business requires healthy cash flow, sustainable growth, adaptability, and forward-planning. Naturally this may mean you require an extra injection of cash from time to time.
Business loans are one of the most common sources of finance for SMEs and with the growth in alternative finance providers, such as Capify, over the past decade, there are now loans designed to cover the specific needs of almost every organisation, no matter what shape or size.
Whether you want to hire more staff, ease cash flow issues, renovate your premises or even invest in new equipment, a business loan may be the right option for you. But where do you start?
In this guide we share our top tips and the steps you should take to get the type of small business loan you really need. These include:

Creating a business plan
How to research available lenders
Determining your chances of getting approved
Making sure you have all the necessary documents
Reviewing the proposed loan carefully

But first, let’s look a bit further into small business loans and the things that business owners looking for finance need to be aware of.
What is a

Read more...

Hot Business News Today

How to get a business loan in 5 steps

by  •  • 0 Comments

By Timothy Adler on Small Business – Advice and Ideas for UK Small Businesses and SMEs
Running a successful small business requires healthy cash flow, sustainable growth, adaptability, and forward-planning. Naturally this may mean you require an extra injection of cash from time to time.
Business loans are one of the most common sources of finance for SMEs and with the growth in alternative finance providers, such as Capify, over the past decade, there are now loans designed to cover the specific needs of almost every organisation, no matter what shape or size.
Whether you want to hire more staff, ease cash flow issues, renovate your premises or even invest in new equipment, a business loan may be the right option for you. But where do you start?
In this guide we share our top tips and the steps you should take to get the type of small business loan you really need. These include:

Creating a business plan
How to research available lenders
Determining your chances of getting approved
Making sure you have all the necessary documents
Reviewing the proposed loan carefully

But first, let’s look a bit further into small business loans and the things that business owners looking for finance need to be aware of.
What is a

Read more...

Hot Business News Today

Best small business loans in the UK

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By Partner Content on Small Business – Advice and Ideas for UK Small Businesses and SMEs
As a small business owner you might be thinking about loans as a way of starting or growing your company.
Unfortunately, loans are notoriously complicated, riddled with complex terms and teeny tiny small print. Let us demystify the process and show you some of the best small business loans around.
Is a small business loan right for me?
It depends what type of business you have, how developed you are and what you need the loan for.
For example, some loans aren’t great for seasonal businesses as making repayments during off-peak times of year will be challenging.
In this case it’s worth considering other funding options like friends and family, crowdfunding, incubators, venture capital, small business grants or switching your business bank account. Check out our rundown of the best business bank accounts open to UK SMEs.
If you want to go ahead, you can do a few things to improve your chances of success. Make sure you’re as clear as possible on how much you need to borrow and what exactly the loan would be used for. Work the loan into your business plan and have a cash flow forecast

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Can I liquidate my company if I have a Bounce Back Loan?

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Originally written by David Tattersall on Small Business
Can I liquidate my company if I have a Bounce Back Loan?
As a company director, neglecting creditor interests will instantly land you in the firing line of an insolvency service investigation into director conduct when entering company liquidation. Taking the informal company closure route by striking off your business, also known as dissolution, is a route designed for businesses laden with no company debts. Therefore, investigations into director conduct are not conducted as standard during company strike off.
A new legislative measure preventing company directors from informally closing their business to avoid an investigation into director conduct, instead of entering a formal insolvency process, is due to come into play. The first reading in Parliament recently took place and the measure appears to come into force in late 2021.
As Bounce Back Loan repayments fall due following the optional pause on repayments, company directors will need to brace company cash flow for additional outgoings. Currently, if this route is pursued by your limited company with an outstanding Bounce Back Loan, rather than a formal insolvency route, you will likely receive an “Objection to Company Strike Off Notice”. After the rules are approved, this will ring

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Hot Business News Today

Can I liquidate my company if I have a Bounce Back Loan?

by  •  • 0 Comments

Originally written by David Tattersall on Small Business
Can I liquidate my company if I have a Bounce Back Loan?
As a company director, neglecting creditor interests will instantly land you in the firing line of an insolvency service investigation into director conduct when entering company liquidation. Taking the informal company closure route by striking off your business, also known as dissolution, is a route designed for businesses laden with no company debts. Therefore, investigations into director conduct are not conducted as standard during company strike off.
A new legislative measure preventing company directors from informally closing their business to avoid an investigation into director conduct, instead of entering a formal insolvency process, is due to come into play. The first reading in Parliament recently took place and the measure appears to come into force in late 2021.
As Bounce Back Loan repayments fall due following the optional pause on repayments, company directors will need to brace company cash flow for additional outgoings. Currently, if this route is pursued by your limited company with an outstanding Bounce Back Loan, rather than a formal insolvency route, you will likely receive an “Objection to Company Strike Off Notice”. After the rules are approved, this will ring

Read more...

Hot Business News Today

Small business owners who duck out of repaying Covid debt face ban

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Originally written by Timothy Adler on Small Business
Small business owners who wind up their companies to avoid having to repay Covid debt could be banned from being company directors.
Owner-directors found guilty of abusing insolvency procedures to duck out of having to repay Covid debt taken out by their small business could be banned for up to 15 years.
About 1.5m small businesses have taken out Bounce Back Loans through a scheme that offered up to £50,000 interest free for a year.
>See also: Nearly two thirds of Bounce Back Loans could go bad, says government
And the new beefed-up Insolvency Service will be able to investigate retrospectively to already wound-up companies.
The government promised to clamp down on any potential fraud in repaying emergency Covid-19 loans in the Budget earlier this year.
Officials are keen to sew up the insolvency loophole to curb any losses to the taxpayer as banks start to charge interest or seek to recoup loans once the repayment holidays on the government-backed schemes end.
>See also: Half of small businesses will never repay Bounce Back Loans, warn banks
Dissolution via strike-off or voluntary liquidation is only supposed to be used by a small business without a prior insolvency and only when the company

Read more...

Hot Business News Today

Small business owners who duck out of repaying Covid debt face ban

by  •  • 0 Comments

Originally written by Timothy Adler on Small Business
Small business owners who wind up their companies to avoid having to repay Covid debt could be banned from being company directors.
Owner-directors found guilty of abusing insolvency procedures to duck out of having to repay Covid debt taken out by their small business could be banned for up to 15 years.
About 1.5m small businesses have taken out Bounce Back Loans through a scheme that offered up to £50,000 interest free for a year.
>See also: Nearly two thirds of Bounce Back Loans could go bad, says government
And the new beefed-up Insolvency Service will be able to investigate retrospectively to already wound-up companies.
The government promised to clamp down on any potential fraud in repaying emergency Covid-19 loans in the Budget earlier this year.
Officials are keen to sew up the insolvency loophole to curb any losses to the taxpayer as banks start to charge interest or seek to recoup loans once the repayment holidays on the government-backed schemes end.
>See also: Half of small businesses will never repay Bounce Back Loans, warn banks
Dissolution via strike-off or voluntary liquidation is only supposed to be used by a small business without a prior insolvency and only when the company

Read more...

Hot Business News Today

eBay launches small business loan service for its 300,000 SME sellers

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Originally written by Timothy Adler on Small Business
eBay has gone into the business of lending directly to its small business sellers, offering loans of anything betweeen £500 and £1m to SMEs.
In doing so, eBay is parking its tanks on the lawn of former subsdiary PayPal, which already offers quick loans to small business users.
PayPal has also been aggressively growing its lending business, with an outstanding loanbook of $2.7bn at the end of the first quarter.
>See also: Norah Coelho of PayPal Q&A: ‘Getting access to finance is incredibly important’
The move also puts eBay in competition with Britain’s less-well-capitalised high-street banks that target small business customers. By way of comparison, eBay’s $41bn market capitalisation is about 50 per cent higher than that of NatWest, the UK’s largest small business lender.
eBay says its same-day loan service is needed to help its 300,000 small business users bounce back quickly from the pandemic.
Nearly one third (31 per cent) of the UK’s 5.9m small businesses face going bust in under a month due to inadequate access to finance, according to research.
>See also: Qardus opens Islamic finance to small business for first time
Two in five (40 per cent) small business owners have been denied credit from banks,

Read more...

Hot Business News Today

eBay launches small business loan service for its 300,000 SME sellers

by  •  • 0 Comments

Originally written by Timothy Adler on Small Business
eBay has gone into the business of lending directly to its small business sellers, offering loans of anything betweeen £500 and £1m to SMEs.
In doing so, eBay is parking its tanks on the lawn of former subsdiary PayPal, which already offers quick loans to small business users.
PayPal has also been aggressively growing its lending business, with an outstanding loanbook of $2.7bn at the end of the first quarter.
>See also: Norah Coelho of PayPal Q&A: ‘Getting access to finance is incredibly important’
The move also puts eBay in competition with Britain’s less-well-capitalised high-street banks that target small business customers. By way of comparison, eBay’s $41bn market capitalisation is about 50 per cent higher than that of NatWest, the UK’s largest small business lender.
eBay says its same-day loan service is needed to help its 300,000 small business users bounce back quickly from the pandemic.
Nearly one third (31 per cent) of the UK’s 5.9m small businesses face going bust in under a month due to inadequate access to finance, according to research.
>See also: Qardus opens Islamic finance to small business for first time
Two in five (40 per cent) small business owners have been denied credit from banks,

Read more...