Finance, Loans And Grants

The regional funds, as you’d expect, are available to smaller businesses within the relevant regions. Understanding how much money your business will need to make each month is a core element on Enterprise. If you want to get a handle on what money’s coming in and what’s going out now, download our budget planner. See your most important business and banking information, all in one place – free with the all-new SmartBusiness Dashboard.

Both secured and unsecured small business loans are available for business owners in the UK. Unsecured loans are typically smaller amounts at a higher cost with shorter repayment terms. However, if you require a larger loan, offering an asset as security against the loan may enable you to secure more funds at better rates. Funding Circle Business Loan – Funding Circle offers unsecured business loans for entrepreneurs who don’t want to use their assets as security.

Lines are open 8am to 10pm every day (excluding Christmas Day, Boxing Day and New Year’s Day). To help us continually improve our service and in the interests of security, we may monitor and/or record your telephone call. Iwoca was definitely the simplest loan I’ve ever taken out in my life. Last year we launched our product in Tescos and needed more working capital. From our offices in South Manchester, we work with small businesses all over the UK.

You’ll need to carefully assess the possible impact of business failure before proceeding. From employment law to product safety, businesses must comply with a wide range of rules. The Government grant does not need to be paid back, there is no interest payable and you retain all the equity in your business. A Government loan, as loans in general, will need to be repaid with interest, whereas a grant does not.

For SMEs older than two years, the foundation offers funding of up to £35,000. The Royal Bank of Scotland Small Business Loan – You can borrow between £1,000 and £50,000 with RBS’s flexible small business finance options. There is a fixed interest rate and you can choose the repayment period to suit you, from one to 10 years.

See how likely you are to get a Business Loan without affecting your credit rating. 99% of customers who used this tool and opened the same product received an offer rate that was the same, better or no more than 10% above their indicative quote. These days, however, lots of startups and SMEs are leveraging rental models such as coworking memberships, and don’t actually own assets like property. If a loan is ‘secured’, an asset such as property is used as security against it.

The other main reason for exploring government-approved loans is if you’ve been unable to access finance from other sources due to a lack of security. The SBA also offers a loan program for businesses that have been affected by a disaster, such as a hurricane or flooding, or the novel coronavirus pandemic. Only businesses in specific disaster-declared zones can apply for this low-cost financing. Additional programs allow you to finance long-term fixed asset purchases, use the loan as a seasonal line of credit, and other uses. With Fleximize you can land a loan with penalty-free early repayments and repayment holidays. Asset finance can be used to get equipment, machinery and vehicles without upfront costs.

Short-term business loans are usually offered for a period of 6 months to 2 years. Medium to long-term loans have longer lending agreements typically lasting between 1 to 5 years, and some up to 10 years. SBA loans are the perfect middle ground, as they give small businesses bank loan-type funding at rates that are affordable and encourage growth and repayment. We are a licensed credit broker and do not provide finance ourselves. Sorodo Limited can introduce applicants to a number of finance providers based on the applicants’ circumstances and creditworthiness. Sorodo Limited does not charge customers a fee for using its broker service, but receives a commission from lenders or other brokers for effecting such introductions.