29 Jan Business Finance Loan – What Can I Use It For?
Here at Leasing for Business we help our clients get the funding they need to help set up and grow their business, but what does this actually mean? The business owners we meet often ask us what they can use a business finance loan for, so we thought we would cover it in this blog post, so you can understand;
What Is A Business Finance Loan?
A business finance loan is a type of borrowing that has been specially designed for commercial organisations, as opposed to a personal loan. There are specific things that make a business finance loan different to a personal loan.
With a business finance loan you can borrow between £3,000 and £3 million. The business finance loan can then be taken over a period of 12 months up to 60 months – whatever suits you and your business.
While there a lots of different types of business finance loans, there are two categories a business finance loan will fall into; either secured or unsecured.
- Unsecured Business Finance Loan – this loan will allow you to borrow money as a business, but without the risk of using your business assets as security.
- Secured Business Finance Loan – this loan will allow you to borrow money as a business, using your business assets as security. This means that if you do not pay back your business finance loan the lender can sell your business assets to get back the money they loaned you.
What Can I Use A Business Finance Loan For?
You can use a business finance loan for almost any purpose relating to your business. A business finance loan covers a wide array of things, such as;
- Purchasing Stock – perhaps sales are expected to be at an all time high or you’re expanding, then we can get you a business finance loan to get that extra stock in.
- Taking On New Staff – every growing business needs good quality and hard working employees, but these don’t come cheaply so we can help you get a business finance loan to enable you to take on new staff members.
- Moving Premises or Expanding Operations – we can sort a business finance loan that will help with new and additional equipment, office furniture, mezzanine flooring and so much more. Your business finance loan could cover pretty much everything you need to move premises or expand your operations.
- Acquiring New Equipment – a business finance loan can help you with the acquisition of new equipment that you need to improve your business, or your offerings to your customers and clients.
These are just some of the things that a business finance loan can be used for. Take a look at our success stories to see some examples of how we have helped other business owners, just like you, get the finance they need to grow their business.
Then drop us an email and we can grab a coffee to talk about what you might need a business finance loan for and how we can help you.