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Finding a Loan

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Traditionally, banks are the first choice for secured business loans, especially when raising starting capital for a new business. Depending on how much equity you have in your property, you can release some of this to be able to acquire enough capital to get your venture up and running.
Secured loans are not just for start-ups, however. Different kinds of companies, big and small, arrange for secured loans through banks and building societies, and a large selection of loan options are normally available. Business finance is offered in different forms, including cash flow and invoice financing. Generally, if your business is already established, you may have other options available from your lender besides a secured loan.
For example, if your business needs capital investment in order to upgrade important equipment, the funding is available if you thoroughly research your possible options. This includes discussing your needs with other banks besides your own. Since banks tend to be open to new clients, they may be able to offer you a better deal than what your current bank is willing to offer you.
Government Grants and Loans
Thanks to the Small Firms Loan Guarantee set up and overseen by the Department of Trade and Industry, even small businesses that are normally not able to qualify for a loan due to lack of security are able to do so.
Loans with terms between 2 to 10 years are available, and may be from ’5,000 to ’100,000 for new businesses. Loans for up to ’250,000 are possible if you have been in business for more than 2 years. Since the Government is essentially guaranteeing the loan, in return you will eventually need to pay the Small Business Scheme 2% of the loanfs value.
The scheme includes many established high-street banks and building societies. Check with your local bank to find out if they can offer your business this option.

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