Business financial aid within one hour of approval
Need funding for your business but don’t know where to start? In an economic climate that’s still uncertain it’s more crucial than ever to plan well before you apply for business funding. And whether you have a start-up or an established business, your first step should be to explore the different sources of funding for small businesses. You should also bear in mind that it’s important to think carefully before committing to any form of credit.
The most suitable options for funding business may depend on:
- How much funding you require and for how long
- Whether you’re willing to offer business assets as security
- Whether you own property or have assets
- Whether you’re willing to sell shares in your business
Types of Business Funding
Government Schemes – often provided to help new businesses via a bid system. Search the funding finder at www.gov.uk/starting-up-a-business
Selling Shares – you can sell shares to your friends, family or associates in return for investment in your business or you can also apply to venture capital companies, business angels or crowd funding platforms.
Bank Loan – this may be some form of loan which can be secured against your business or your personal assets such as car or home. A bank will demand you provide detailed business forecasting and will run a credit check on your business.
Short Term Finance – this is usually an unsecured finance option paid back over months rather than years. This type of finance is often used if you have a gap in your cash flow or working capital.
Getting the Right Funding for Small Businesses
Write a business plan – it’s the mantra used by every business owner or bank manager, but it really pays to write a sound business plan. If you can put your business plans and forecasts in writing you should have a better idea of what funding you need and how you will use it.
Get to know your numbers – use a loan calculator to work out exactly how much you can afford in terms of monthly repayments. Overburdening your business with debt will affect your creditworthiness and ability to get business funding in future.
Run a credit check – before you apply for a business loan run a credit check through a credit checking agency. If you can show a finance provider that you have a good credit score you may be looked upon more favourably. If you’re a new business and don’t yet have a credit score, it will help if your personal credit score is favourable.
Shop around –banks used to be the ‘go to’ place for business funding. Now there are many alternative funding sources available.
At Console Loan, we provide new kind of business funding with flexible credit for business that want to expand, need additional working capital or bridge a cash flow gap. We can offer short term financial aid of up to $50,000 (up to $20,000 for sole traders). If your application is approved, we’ll send the funds to your bank account within an hour.
Our business loan services isn’t designed to help repay existing debt, (please check our debt consolidation loans) and if you miss a repayment, a default fee is charged and it may affect your credit rating. So you should not apply for a loan unless the business can afford the weekly/monthly repayments.
We’ve made application straightforward – you can do it all online. Click here to apply now, select how much cash your business needs and how many weeks/months you want it for and you will be on your way to receiving your loan within an hour of approval.
