Small businesses frequently look for business loans when a business loan is not the correct type of commercial finance product they need and, more importantly, are not going to be given by the lender.
Before getting a business loan quote it is best to ask yourself:
- Do I need more money to help with cash flow? If the answer is yes then factoring is an option which is probably better suited to your needs. Factoring allows you to get cash advances on your invoices allowing you to unlock the tied-up money your company processes.
- Do I need money to buy machinery, equipment or any other new company asset? If yes then you might be better considering some form of asset finance such as leasing. There are various forms of asset finance – hire purchase is a form of consumer asset finance but you’ll need a more tailored package. Consider asset finance companies such as Technology Leasing, Leasing Network and some of the business banks who offer this type of service.
- Can you offer property as security on the loan? A mortgage may be a better option if the answer is yes – and it may be a lot cheaper. Current mortgage rates are favourable to borrowers an can provide a cheaper form of finance. Consider us as an option to get a quote for commercial mortgage for your company. We works with top rate commercial mortgage brokers and lenders to get you tailored mortgage quotes