Funding business growth with an unsecured loanPublished on 14th March 2017 2017-03-14T23:53:12+00:00 - Last update on 19th November 2019 2019-11-19T22:44:39+00:00
Business growth issues?
Growth has always been a vital part of running a successful business and ensuring that a sustainable future lies ahead. It’s one of those many aspects that requires constant nurturing and close attention. Without it, your business won’t be able to keep up with local competition, seize upon crucial opportunities or carry out key business projects. If you’re worried about slowing or stagnant growth there are a number of ways you can give your business a much-needed boost. In order to help you succeed in this endeavour, why not apply for an unsecured business loan?
How can you revitalise your business’s growth?
If you’re concerned about your business’s growth rate, remember, you can turn it around. There’s absolutely no reason why you should simply bury your head in the sand and accept it. Boosting your business’s growth is easy once you know how and possess the necessary funds. Some of the many ways in which business owners’ choose to stimulate growth include:
- Adding extensions
- Adding or upgrading equipment
- Installing new technology
- Requisitioning a fleet of vehicles, and so on!
Of course, these aren’t the only ways to boost growth, the only boundaries lie with your imagination. However, making such changes will incur hefty costs to accomplish, though you don’t need to carry them alone. Many successful business owners, when considering making further improvements to their business, choose to secure a means of external funding before going ahead. With Rangewell, you can source the perfect funding solution that’ll allow you to achieve any and all of your business goals. One such finance package you could benefit from comes in the form of an Unsecured Business Loan.
What is an Unsecured Business Loan?
With an unsecured business loan, you could receive a highly beneficial lump sum, starting from £5,000 up to as much as £250,000, paid directly into your bank account. Plus, the lump sum that you’ll acquire can be used to stimulate growth in any way you see fit. Once you have received the lump sum you will be required to complete monthly repayments, plus interest.
In addition, being that it’s unsecured, you’re not required to set down any personal or business assets, such as your home or business premises, for security. However, due to this aspect, finance lenders can be more hesitant, making it more challenging to acquire. In order to qualify for a business loan, you must have:
- A high credit score
- A reputable business history
- A reliable or high volume of monthly sales
- The ability to set aside additional funds to aid you when making repayments (depending on the finance lender)
When applying, finance lenders may not always offer you the precise sums of cash that you need. One of the most common reasons for this shortcoming may be their confidence in your business’s ability to afford the monthly repayments. If you’re intent on acquiring an unsecured business loan but find yourself unable to secure the necessary funds, it needn’t be the end of the road. To swing the odds in your favour, you could offer your finance lender a Personal Guarantee.
What is a Personal Guarantee?
A personal guarantee is merely an agreement signed between you and your finance lender. It is designed to give your finance lender a confidence boost, especially when dealing with large sums by outlining your intention to abide by the monthly repayment scheme. However, depending on the wording of the text, this option could make it possible for a lender to pursue you personally through the courts should your business fail to repay the product.
Our values are simple – We’re on your side. At Rangewell, our services are clear and transparent. We support a wide range of SME businesses of every shape and size, for finding every type of finance. Follow us on Twitter and LinkedIn for business tips and tricks, and feel free to call us on 0203 637 2340 if you’d like to chat about what we can do for you.
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