Apply For A Commercial Loan That Accelerates Your Company’s Growth
Business of all sizes can benefit from an injection of business finance – and for a wide variety of reasons, including expansion of the business, new contracts or acquiring new plant and machinery.
An ideal way of injecting cash into the business is via a commercial business loan, which is usually repaid over a specific period of time and at a set rate of interest so that repayments are known in advance and easy to budget for.
When is a commercial loan right for your business?
Whether it’s a large or small business loan, an injection of finance into a business at just the right strategic time can pay huge dividends.
A commercial loan can be used for a number of purposes, including:
• Working capital injection
• Asset purchase
• Liability payments
• Expansion and growth
• Recruiting new staff
As an accredited finance broker and commercial lending expert, Anglo Scottish can make available any-purpose loans from £5,000 to £500,000.
So that means you can always have access to funds for your business exactly when you need them, at a time that is most suited to your business needs.
Who can apply for a commercial loan?
Any business can apply for a commercial loan, no matter how big or how small, although some commercial loan providers prefer to only lend to limited companies.
To apply for a commercial loan, your business will usually need to be VAT registered and, in certain cases, there may also be a requirement to have minimum monthly turnover.
Ideally, you should have at least two years of filed accounts, although some commercial lenders are happy to provide loans for small businesses with less than two years’ trading history.
What should you consider before you apply for a business loan?
There are a number of factors that any business should consider before thinking of taking out a commercial loan.
• Can the business afford the commercial loan?
A quick review of the business’s incomings and outgoings will determine if it has the spare funds to afford the monthly payments.
At Anglo Scottish, we can provide a no-obligation quote before you apply for a business loan to give you some idea of what the monthly payments will be.
• Fixed or variable repayments?
Is the loan fixed or variable? As variable payments can go up, they can leave the business with higher monthly payments to cover.
Commercial loans from Anglo Scottish are always fixed so that business customers know exactly where they stand when it comes to business loan repayments.
• Changing circumstances
The business should consider how it could meet the commercial loan repayments if an unforeseen circumstance, like a large unexpected bill, arises.
Contingency planning is important. At Anglo Scottish, our commercial lending specialists will be happy to discuss this with you.
• Costs included
The cost of borrowing should always be taken in addition to the interest the business pays on the loan.
With Anglo Scottish, any costs and fees are transparent. All costs are always included in the monthly payment so there are no hidden extras, and you always know exactly what you are paying for.
• Bank or building society account
The business should have a UK bank or building society account, and all directors should be UK residents and over 21.
We are always happy to discuss a business’s exact requirements and pride ourselves on our flexibility.
Please note that these financing solutions are for business entities only and are not available to private individuals, sole traders or partnerships. Provision of the services outlined on this page is not a regulated activity covered by the Financial Conduct Authority.
How to apply for a commercial loan
At Anglo Scottish, we have an experienced team of finance specialists who can help you navigate through the process of applying for a commercial loan and find the right deal for your organisation, using our panel of funders.
So if you think that your business would benefit from a timely injection of cash via a competitively priced business loan, then please get in touch with Anglo Scottish Asset Finance today.