As your business grows and expands you might find yourself as a business owner needing to raise some funds to progress and expand. In todays uncertain climate it can be even more hard to keep moving your business forward, with other companies unwilling to help out or just playing it safe until the pandemic is all but over. This, however is still quite a way away and there are still months maybe years of tentative business behaviour until things get back to normal.
Thankfully there are options for you and one of these is secured business loans. These types of products can provide your business the assistance and funding you need with lower interest rates and the added benefit of building your credit score at the same time. The process is standard: you as a borrower will submit an application indicating basic information that includes the following:
• Loan amount
• Duration of loan
• Collateral details
• Purpose of loan
You as a borrower need to provide a collateral or guarantee to the lender in the form of assets so if you default then the lender can claim back their loss through materials and other assets. Secured business loans are loans that requires some form of collateral. Collateral are assets the lender uses to secure repayment of the business loan. In the event a company defaults on their loan, the lender has the right to seize the collateral to recoup their losses. Examples of collateral include property or equipment.
The process of applying is slightly different to a normal personal loan and the team here at Squared Commercial Finance can help you through every step, ensuring you have the best chance of being accepted by going though your application and details such as income, collateral assets and helping you increase your credit rating.
No two applications for secured business loans are the same and we take the stress away from you from the start. We make sure you have all the information you need before you make a decision if to go ahead. We understand how big a commitment this can be for you and your business so we can offer friendly and professional advice throughout all stages of the process. Making sure you are fully aware of all fees and costs and especially the long term costs involved. So you can understand the figures involved and how it could affect your business now and in the future.
The lenders will then proceed with an assessment to determine the related risk, check your credit scores, gauge the actual value of the asset offered, and of course, your reliability. You will receive an offer if their requirements are met. We can put you in the strongest position possible to get you a yes decision.
Reasons you might need a secured business loan include:
• Hire new staff
• Buy materials
• Cash shortfall
• New equipment
• New large order
Always remember when taking out secured business loans that this is secured on your assets so if you fall into any financial difficulties your business and it’s property and materials could be at risk. This is a last option obviously but it’s all part of the contract you will sign and is something to be aware of if going ahead once you have a yes decision.
The team here at Squared Commercial Finance will help you with your application and put you in the best position possible to get a yes decision on your secured business loan application.
To get a free impartial quote call us on 08081 551807 or send us a quick email using our online form. A member of our team will get back to you asap.