Benefits of Commercial LoansPublished on 11th June 2018 - Last update on 8th January 2019
As a business owner, your primary focus needs to be set firmly on maintaining your business’ growth. But if you lack sufficient capital, or you’d rather not risk your business’ finances, you can feel like you’re stuck between a rock and a hard place. However, by exploring the possibilities that are available for your business through a Commercial Loan, there are a number of ways that you can gain the cash you need to grow and support your business’ development. Still unsure about applying for a Commercial Loan? Just take a look at some of the benefits that are on offer...
- Access to a diverse range of finance products
- Spreads out costs and expenses
- Available for a range of financial situations
What sort of finance products can I apply for?
Simply put, a Commercial Loan is a loan designed exclusively for business purposes. As such, when you’re discussing such a far-reaching term, the number of finance products you could choose from to support your business going forward is large. So whether you intend to purchase property, obtain new equipment, fund redevelopments, support IT upgrades or even receive a capital injection after a previous finance agreement, with a Commercial Loan you can succeed. Just some of the many business finance products and packages that you could benefit from include, but aren’t limited to Secured Loans, Unsecured Loans, Working Capital Finance, Commercial Mortgages, Bridging Loans and so on. So no matter your goal, or how much cash you need, you could turn your dreams into reality by applying for a Commercial Loan.
How could a Commercial Loan help my business’ finances?
When thinking about finance, one of the first things you’ll want to know about is how it’s repaid. One of the many benefits of a Commercial Loan for your business is the ability to spread the costs involved in making purchases, funding vital projects or paying down other financial commitments. For the majority of finance products, this could involve making fixed monthly repayments at the end of each month, but this is by no means the only repayment scheme available. With Commercial Loans covering so many different funding options, you could apply for products where repayments can adapt to your monthly revenue or even choose a product that is gradually repaid by your clients. In the case of some products, you could even defer making repayments to a later date when you expect to be able to do so. So depending on the product you choose, you could be making repayments that conform to how your business operates.
What if my business has a weak credit score?
Admittedly, having a weak credit score or suffering from other issues relevant to your business financial situation could close the door to some business finance products, but not all. With Commercial Loans incorporating a large number of different solutions, there are still plenty of products that your business could qualify for. Whilst some products require you to present collateral in the form of equipment, machinery, property, receivables or intangible assets, others may not. Although some lenders make decisions based on your credit profile and whether you have a reliable history of repaying your debts on time, other lenders may prefer to assess your monthly sales reports. So, although having issues affecting your business’ finances may be disheartening, there are still many options available to your business by choosing a Commercial Loan.
Ready to apply for a Commercial Loan?
Searching for business finance can be a long and lonely process, leading to many sleepless nights. As well as deciding on what aspect of your business you need to support, you must also source a solution suitable to meet both your goals and current financial situation. But if you don’t know what to look for or know how each individual product works, making the right decision for your business can seem impossible. And that’s before you even get round to choosing a lender. However, you’re not alone. We support SMEs from all sectors find the most appropriate and affordable finance solutions to meet their needs by searching the whole of the business finance market using our finance tool along with our expertise in the industry. So, if you have a project that needs financing or you’re looking to bolster your cash reserves, apply for a Commercial Loan today, or find out more with Rangewell.
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