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Tracy Spence
Tracy Spence
Tracy Spence's Blog

Getting a Business Loan Fast

Struggling to Secure a Business Loan?

Maybe you’ve tried to secure a business loan before but were rejected by the bank, or maybe you’re not sure about how to even start applying. Applications for a business loan through a high street bank can be a daunting process, especially if you haven’t succeeded before.

Nevertheless, whether you’re reapplying or this is your first step into the business loans world, here are some key steps you should take to help you get the loan you need.

 

How to get a business loan

Where to start

Before applying for your business loan, you need to find the right kind of loan for you. If you want a fast business loan you should consider the financial institution you’re applying to, and its repayment plans and penalties.

 

Additionally, weigh up options such as:

  • secured loans vs unsecured loans

  • fixed rate loans vs variable loans

  • long term loans vs short term loans

 

When do you need the loan?

You may be keen to get a loan as fast as you can, or you might be in a fortunate enough position to have no immediate urgency. Traditionally, business loans can require lengthy application processes with numerous stages. This can be a big hindrance and inconvenience, especially if your company is in need of the funding quickly.

 

This is why alternative lenders, such as Asset Funder, offer the option of quicker loans for companies, and may be a good option for consideration.

 

Why do you need a loan?

Your chosen bank will need to understand why you want the loan and what it will be used for. It is important that they know how much money you require and exactly how that money will help your business.

 

For example, the money may be used for:

  • Working Capital e.g. easing cash flow

  • Asset Purchase

  • Liability Payments

  • Expansion & Growth

Understanding your finances

Whatever your reason for a business loan, be prepared to provide a detailed business plan. Conducting market research can also show the bank that you are knowledgeable about your industry, your competition, and have a firm idea about the direction your company is headed.

 

Among other things, your business plan should outline:

  • Your company history

  • Your products/ services

  • Your sector and its current

  • Your target market

  • And of course, your financials, current and forecast

 

Have information on your past, present, and forecasted profits and losses, and statements on hand that can help support this. Understanding your cash flow is also integral to instilling the bank with confidence about your business and its future. This can help increase the likelihood of you being approved for a loan. If your business doesn’t look financially healthy, banks may be put off providing you with a loan.

 

If you’ve been unsuccessful in obtaining a business loan before, you will need to consider why that was and how you’re in a better position now. Be extra diligent in ensuring that you have all your accounts in order.

 

The bank will want to know that you are in good financial standing to be offered a loan, and that you are capable to repay that loan (and its interest) in an agreed amount of time. Being realistic and knowing if you can really afford the loan you’re applying for goes without saying.

 

Competent financial record keeping to go alongside good credit, will work in your favour when attempting to secure a business loan. Therefore, solid account management should be a priority and could help you get a faster business loan from your bank.

 

How Your Industry Affects Your Loan

However, if you are specifically seeking a fast business loan, banks, building societies, and large financial institutions are not always able to give you the help you need quickly. High street and mainstream banks may be less likely to offer you your desired loan for a number of reasons.

 

Depending on your industry sector, the bank may view your business as too much of a risk. At Asset Funder we know that it can be difficult for those in certain industry areas to secure a fast business loan, and so we have become experts in helping those in the fields of:

  • Manufacturing & engineering

  • Technology

  • Construction

  • Agriculture

  • Cars

  • Demolition

  • Transport

  • Green energy

Furthermore, if you’re a small business, you may find it even more difficult to secure a loan and to secure that loan within a reasonable amount of time. That’s why Asset Funder are specialised in providing fast loans for a range of businesses, regardless of the size and industry. We do this so you get the business loan you want as quickly as possible.

How can Asset Funder help?

Asset Funder know that applying for a business loan can be a lengthy and detailed process. That’s why we offer a service that can help you secure a fast business loan, with minimal hassle. We simplify the overwhelming world of business loans, with our quick and easy process even if you’ve been rejected for a business loan before.

 

We make the process better for you and are proud to provide the following:

  • Simple quick application

  • Fast, seamless process

  • No hidden charges

  • Unsecured business finance up to £250k

  • Funds typically within 5 working days

  • No early settlement penalty

If you think that Asset Funder could be the right fit for you, get in touch today.

We’d love to see your business become an even bigger success.

 



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