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Business Loans Explained

If you’re considering a business loan and find yourself confused about all the different types and terms, we’re here to help. With such a wide variety of loans available to suit different business needs, it’s key to choose the right product for your loan purpose and business requirements.

Most businesses need a financial boost at some point in their life and often find that business loans help to elevate cashflow issues or turn a new idea into a reality. Whether you’re a start-up business looking to get off the ground or an established one looking at expanding, business loans allow the opportunity to develop and grow.

Your circumstances will determine which type of finance is best for your business. There are many different lenders in the market, many offer specialised loan products to fit your business requirements.

To find the most suitable loan type for your business needs, lenders will take into consideration a number of factors including:

  • How long your business has been trading
  • Annual turnover
  • Whether you have filed accounts
  • What you require the funds for
  • How long you need to repay

The amount that you need to borrow will make a difference between which lenders will offer you finance, as will your business credit score.

A business loan is similar to a personal loan; however, they are specifically for business use only. Some business loan providers offer access to short term loans, typically for less than a year. Others can be arranged over a longer period of time, which will allow you to borrow larger sums of money.

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