Business loans are designed to assist you with major investments in the future of your business.
To qualify for a business loan you will of course need to be running a registered business. You'll also need to demonstrate that you can easily repay the loan, by providing documentation of your business’s financial history and assets and liabilities, including any other loans. You'll be required to provide security for the loan, in the form of either residential or commercial assets.
Business loans are very different to other short-term forms of finance, such as an overdraft or commercial line of credit. They are generally used to directly fund business expansion, such as opening new premises, renovating existing facilities, or acquiring major plant and equipment. All of the loaned funds are withdrawn at the start of the contract, with regular repayments made over the life of the loan, which can be more than ten years.