You will want to carry out your own research before deciding whether you want to enter into a business loan. It is useful to compare the rates of and terms of different loans to determine which would address the funding gap you are facing.
- you should consider whether your business would benefit from a secured business loan or an unsecured business loan;
- if you have a range of assets which you could use as security it may be worth using these for a secured loan. If your business holds few assets, you may ask another party to provide a guarantee or could provide a personal guarantee yourself which will act as security for the lender;
- alternatively, you could apply for an unsecured loan, but bear in mind that the interest rates may be much higher for these;
- you may wish to apply for your loan at your local high street bank as you may have been a customer for several years and developed a good working relationship.
- it could be that you would like a specialist form of funding which is not available at your local bank and would prefer to go to an alternative funder such as a peer-to-peer lender.
In either case, you should expect that your accounts will need to be up to date as will your business plan.
Please contact one of our friendly expert banking solicitors now for your consultation. At Francis Wilks & Jones, we have a team of commercial lending experts ready to take your call and help you to understand your loan agreement. Whatever your question, we can help you. Don’t delay – contact the banking experts now.