Most businesses today rely on IT to run their businesses efficiently. Often businesses find that without a good IT system to support them, they can loose precious time and money.
However implementing a new IT system can be costly, and the money for this cost is often hard to find for new and young businesses. Business may even consider sacrificing investing in a better IT system in the short time while they get their business up and running.
However you don’t need to make this sacrifice, with Business IT loans you really can have you cake and eat it!
Business IT loans
Business IT loans can help you achieve the IT system that you need.
Business IT loans can be provided by UK independent financiers of information technology, and some of the common finance options include:
- A pre-lease facility
This is where the lender can arrange milestone- related payments on your behalf, over a six month period before your system goes live. After this period your lease agreement starts and the lender includes the early changes you have accrued.
- Structured payment
The lender works with you to set up structured payments, with a frequency that suits your business, whether that be seasonal or stepped, and can include payment holidays.
- Resetting to reinvest
This service allows you to upgrade or expand your IT system without increasing your monthly repayments. This works by ‘resetting’ the agreement and extending the term of the loan. Often the longer your existing lease has been running the larger the amount of funds you will be able to release.
- Sale and leaseback
If you have purchased your IT system already, you can unlock some of its capital value and inject the cash back into your business by leasing back your system if it’s less than a year old.
The benefits of Business IT Loans
With Business IT loans you can tailor your Business finance products with services that add greater flexibility, helping you pay suppliers in a structured way, while your new IT systems are implemented.
Alternatives to Business IT loans
Instead of taking out a business IT loan, you may want to consider some other business finance options, which will provide you with the cash that you can invest in your IT system or in whatever areas will benefit your business.
Some other business finance options include:
- An agreed business overdraft
- Asset leasing
- Asset based finance
- Invoice Finance- Factoring and Discounting
For further advice regarding business loans please contact us on 0800 597 4757 or apply online using the form opposite.
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