How To Access a Large Business Loan
Most businesses need a financial boost at some point in their life. Accessing a business loan helps to elevate cash flow issues, finance necessary equipment purchases, 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 to expand, business loans allow the opportunity to develop and grow.
Lenders consider several factors when determining the best type of loan to offer a business:
- The amount of time the business has been in operation
- Annual turnover
- If you have filed your accounts
- The purpose of the funds
- Repayment term
How much your business can borrow will also depend on the nature of your business and the industry the business is involved in. If you can demonstrate trading revenue over at least 1 year or more this will be in your favour. Many lenders will also look at the director's personal credit situation before considering a large loan. The collateral the business can offer against the finance will make it easier for a lending decision if the asset can provide the necessary security.
Through our partners, we have connections with over 42 lenders.
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Next Steps
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