Category: small business loans

Sorodo Limited does not charge customers a fee for using its broker service, but receives a commission from lenders or other brokers for effecting such introductions. For certain lenders we may have influence over the interest rate, and this may impact the total amount payable by you, the customer. If you are in the early stages of planning your business or you are already into your first few months of trading, we can help you with our business loans for startups. Through a UK government-backed startup loans partnership, we are best placed to offer a funding solution to get your business idea off the ground. For more information about this scheme click here or use our business startup loans calculator. With an unsecured business loan, you can borrow money without putting up your business assets as security for the loan.

To qualify for a small business loan, you must be … Read More

That said, many lenders that do not require a formal business plan as part of the application process offer short-term loans with higher annual percentage rates . Higher APRs mean a greater share of a loan’s repayments goes toward interest rather than the principal. This often means higher repayments or longer repayment periods, or both. The APRs of these kinds of loans typically start at around 24% but can be much higher for borrowers with poor credit scores.

Each lender has their own requirements and often your business credit score is just one part of what they’ll be looking at when making their decision to lend. While interest rates are higher if you have a poor credit score, you can repay it over a short time frame to keep the costs to a minimum. However, the eligibility criteria for traditional term loans are often stringent.

If you’re looking to … Read More

The Local Growth Fund is managed by Coventry and Warwickshire Local Enterprise Partnership. This is the most popular SBA loan program, as it has the most use cases and is well-funded and publicized by the SBA. SBA 7 loans are available in amounts up to $5 million, to be repaid over years. This site is protected by reCAPTCHA and the GooglePrivacy noticeandTerms of serviceapply. This site is protected by reCAPTCHA and the GooglePrivacy policyandTerms of serviceapply. While Pugh is glad everything worked out, the episode shows how difficult and stressful it can be for a small business to get financing.

Whether you’re an established business or just starting out, finding the right finance product to meet your needs can be difficult. Applicants may receive a different rate of interest based on their individual circumstances. Before we get into the nitty-gritty, let’s take a look at a few of the … Read More

For each customer card transaction your business processes using a designated terminal, a small amount will be automatically withdrawn. A representative APR is an advertised rate that is presented in a standard way, that allows you to compare and contrast borrowing costs between different lenders. When a representative APR is promoted, it means that over half of people who’ve taken out a loan of a particular size from a lender have been given this rate. The interest rate you’re offered won’t necessarily be the same as the representative APR. This funding method may work for you if you’re just bridging a gap and are confident you’ll have the funds to make repayments on time.

Another popular loan program that is best suited for businesses seeking to purchase major fixed assets such as buildings or land, with loans up to $5 million and low down payments. Any small business owner can … Read More

You can get a business lending quote now, with no impact on your credit score – simply select the ‘See if you’re eligible’ button. Contact our experienced team of advisors today to apply for a small business loan to help your business grow and move to the next level. We have experience in lending across a plethora of industries and will help you secure the ideal loan product for your business on the most flexible and friendly terms. We don’t hold you to a set of unmovable terms when you apply for a loan with us. Rather, we have a set of criteria that help us match you to the best loan for your business and individual circumstances.

Start Up Donut provides practical information to help your business succeed. Launched in 2009, the Donut websites have grown to be the UK’s largest resource for small businesses. Learn more about key … Read More

Regardless of your credit history, we can find the right product for you, even if you have a less than perfect credit score. 150 UK small business grants to apply for right now – UPDATED In need of some funding for your small business? These grants should give you a boost, wherever you’re based in the UK. See your most important business and banking information, all in one place – free with the all-new SmartBusiness Dashboard. All businesses have running costs and if you are running a shop for example, there will be many overheads that you will need to cover all year round.

For Suzan Hernandez, finding support from community organizations has been key to helping her navigate the loan process. Whether you’re looking for finance to grow your business or money to get your business started, there are lots of different providers you can approach. If you do … Read More

Our small business loans can be used to buy new stock, invest in growth plans, or just keep your cash flow smooth. Small business loans come in all shapes and sizes to suit a wide variety of businesses in every industry you can think of. So if you’re a start-up, a franchise, you have poor credit, a sole trader or limited company, etc. – you’ll find a loan that is tailored specifically to your needs. Whatever your industry may be, from e-commerce to manufacturing, if your business needs a quick cash injection, small business loans may be the answer.

Your loan provider should be upfront and honest about all the fees you might encounter as a part of your application. For example, broker fees are charged by brokers for aggregating multiple different offers to your application. Late payment fees, which are self-explanatory, but should be clearly presented during the application … Read More

You will likely have to provide relevant documents in order to be accepted by a lender, such as personal details and business information. If your application is accepted, one of our broker’s will be in touch to discuss the next stages of the application with you. Where possible, it’s a good idea to keep the loan in a separate account to your usual business account, transferring the money across as and when required. This will prevent you from spending impulsively and increase your capacity to make bigger, important investments in the future.

Some of the following may be required to help us assess affordability and your ability to make repayments. The more finance you’re applying for, the more information and documents we may need to see. If you’d like to know more, please ask your Business Manager for more details. It can be a daunting prospect but provided you … Read More

A small business loan is a form of business financing that enables small businesses to fund their daily operations costs. The loan is often provided by a lender or a high street bank and is usually secured against an asset, or unsecured. If you are yet to open a business bank account, it it worth checking whether you are likely to approved for a loan before applying as being declined can affect your credit score. Traditional bank loans and overdrafts are still a popular source of funding for many businesses and start-ups. Used properly, they provide a simple and effective way of financing the growth of your business.

This provides the lender with more certainty because if the loan isn’t repaid they can claim ownership of the asset from the business borrower. Fixed monthly repayments may help to minimise the impact of a large purchase on your day to day … Read More

In fact, it’s virtually impossible to find an unsecured small business loan (i.e. one without some form of collateral) that comes with reasonable interest rates. And by offering up collateral, you are able to tell the bank what you’d like to offer up as payment if you for some reason default on the loan—rather than leaving it up to them. Some business loans require security in the form of assets or personal guarantees. A business that doesn’t have assets of sufficient value or can’t provide a personal guarantee may be refused finance. We are a licensed credit broker and do not provide finance ourselves. Sorodo Limited can introduce applicants to a number of finance providers based on the applicants’ circumstances and creditworthiness.

The interest rate is fixed for the term of the loan and agreed at the outset. Interest is charged throughout the full loan and any month when … Read More