Funding Solutions

Business Loans

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What is a business loan?

A business loan allows companies to borrow a fixed amount of money to further their business purposes. A repayment period will be agreed on and the borrowing business will make regular payments, including interest.

Types of business loans

There are typically two forms of business loan, secured loans and unsecured loans.

Secured loans are, as the name suggests, secured against a specific business asset or against the business and assets as a whole via a debenture against the company.

Unsecured loans are not secured against any business assets, however it is common for an unsecured lender to require a personal guarantee from company directors to support the loan facility.

The experts here at ICS’ Funding Solutions team can give you advice on which business loan may be better for you.

How to get a business loan

As business loans are a popular form of financing, there are a huge number of lenders and products out there on the market. Because of this competition, the exact eligibility criteria as well as the interest rate charged can vary. However, businesses applying can expect to be asked about the following:

  • Bank statements
  • Turnover and profit
  • Trading history
  • Payment history, for example, are there any late payments or CCJs
  • The loan amount vs projected turnover
  • Filed accounts
  • Future business plan

 

While there is no set criteria that must be met, lenders may look for a few factors, such as:

  • Whether your business is profitableThe loan amount as a percentage of your annual turnover
  • Whether there is any adverse credit history or CCJs
  • If your business is based in the UK
  • How long your business has been trading

 

Find out more about business loans

There are a number of business loans out there and each one will suit a different kind of business model. Thankfully, ICS’ Funding Solutions team can help you understand the options available.

We can also help you gather the necessary paperwork and information to present to the proposed lender.

To start the process, or to simply get some expert advice, please visit our contact us page and fill in the form to get in touch, or give our team a call on 0800 731 2466


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