Whilst business loans (in particular business loans for small businesses) are increasingly difficult to acquire, there are still a number of options available to you to meet your business needs. Loan sources can be both Secured and Unsecured.
Secured Loans are generally used by homeowners for large, longer term borrowing as your property is used to guarantee repayments. Businesses secure can loans or mortgages to purchase their business premises or refinance the loan/mortgage that they have on their existing premises.
Unsecured Loans can be used to borrow up to £25,000 to repay over a number of years. You could get a better rate and cheaper borrowing if you compare personal loans before you apply.
The main source of Business Loans remains the banks. Many small businesses utilise these financial institutions because of convenience and accessibility. However, not just the High Street Banks have the ability to provide loans. The growth of the internet, in general, and internet banking, in particular, means that there are many ways to access these particular types of funds. Most decisions still require some type of a formal meeting. An Independent Financial Adviser will look at your financial situation and help you to determine whether or not this is the best approach for your business.