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Is my business eligible for a loan?
Now that banks are offering simple lending processes, securing funding has become a smooth process. Banks can not only match your loan requirements to your business plans, but they will allow you to select the monthly repayment terms, choose a repayment option, and borrow between £1,000 and £25,000. You’ll find all the options on any bank’s website, with details of all their financial options including a business overdraft and business credit cards, too.
We’ve explored the options available and set out the key routes you can take.
If you need a business loan between £1,000 and £25,000 to support a start-up, banks are a highly regarded source of financial support. You’ll need to complete a finance application checklist, which will assess your borrowing requirements and help you prepare to develop your company. You’ll benefit from fixed monthly repayments over one to 10 years, and interest rates are usually fixed for the life of the loan.
Alternatively, there are government-funded schemes available to SMEs which come with a multitude of benefits, like the Start-Up Loans service. Not only does it offer funding in the form of loans, but it also offers mentoring for entrepreneurs. The scheme assigns a partner to each company who will help develop and initiate a structured business plan. You’ll receive a low-cost, unsecured loan, backed by a range of business support products if your plan is approved.
There are two key types of loan available through government funding: