Tag Archive for Small Business Loans

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A guide to getting a small business loan

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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

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Hot Business News Today

A guide to getting a small business loan

by  •  • 0 Comments

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

Read more...

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Which type of bridge financing is right for your business?

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Originally written by Partner Content on Small Business
The idea that bridge financing can only be used to purchase or renovate property is a common misconception. In fact, businesses can utilise bridging loans for a wide variety of purposes.
Bridge finance can prove useful when your company is in need of a speedy cash injection. It can be used to help you meet finance obligations in the short term and provide a vital cash flow boost while you wait for longer-term funding to become available.
As with any business loan, you’ll have to meet the lender’s eligibility criteria. You’ll also be asked for your business plan and exit strategy when you apply for bridging finance.
>See also: Exploring finance: How appropriate debt choices can fuel ambitions
Let’s take a look at the different types of bridging finance available today:
Closed bridge loan
A closed bridge loan has a fixed repayment date, which is usually a few months after you receive the finance. As the lender has a higher level of certainty in terms of when the loan will be repaid, closed bridge loans tend to be more accessible.
Open bridge loan
Open bridge loans, on the other hand, have no fixed repayment date. This can make them more suitable

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Where female entrepreneurs can get a business loan

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Originally written by Anna Jordan on Small Business
In the run-up to International Women’s Day 2019, the government-backed Rose Review found that only one in three UK entrepreneurs were female. It also highlighted that access to loans and other capital was a major barrier to business success for women.
One year on, the Progress Report rounds up initiatives that have been introduced. Key advances include an Investing in Women Code and an increase in investment vehicles to promote more funding going to women entrepreneurs.
But when it comes to securing a loan, it’s much the same for any small business owner: shop around, be honest with your provider and look beyond the headline figures. It does help your chances if your business is in a certain industry like the tech sector or if you’re aiming to make a positive impact.
The business loans listed below aren’t exclusively for women – though some providers include them in pages titled ‘business loans for women’, which is misleading.
They may not have specific offerings, but these companies have shown at least some interest in encouraging women entrepreneurs. We’ve gone for providers that have pro-women initiatives like female entrepreneur campaigns, dedicated funds and focused social media coverage.
High street banks
Some

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What documents do you need when applying for a business loan?

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Originally written by Adam Parker on Small Business
Applying for a loan may seem daunting once you’ve decided to borrow finance. That’s why it’s always important to have the right business documents prepared before you do so.
Documentation varies depending on what type of lender you’re looking to borrow from. With a business loan from a bank, you are likely to be required to provide more documents to limit risks, such as a business plan or insurance. Other lenders might require less.
Brokers who act as an intermediary between the applicant and the lender offer an online application that further reduces the amount of documentation needed.
>See also: Best UK small business accounting software 2020 – review guide
Business bank statements
Business bank statements are an essential document used to verify the income and the outgoings of your company. The statements usually consist of a summary of your transactions which helps determine your spending and income. These are typically produced every month.
Financial accounts
Financial accounts are necessary for the lender to gain a clear insight into the company for the full financial year. They allow lenders to see a greater picture of the company, rather than working solely from bank statements alone.
For example, six months’ worth of

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Small business loans: A guide to the debt finance marketplace

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Making sense of the huge number of debt finance options and small business loans available to small business owners can feel a bit daunting, however it’s not that tricky if you prepare properly and ask yourself a few basic questions beforehand. A well-reasoned plan that is credible and preferably endorsed by a reputable external source
The post Small business loans: A guide to the debt finance marketplace appeared first on Small Business.

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