the UK; from traditional sources and the growing alternative finance sector, which was created to meet the unfilled demand for funding smaller businesses.

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The abundance of small business funding available from alternative finance providers and traditional high-street banks means there should be a loan out there that suits your business needs perfectly. Thorough preparation is the key to success, since lenders are meticulous in assessing applications, often basing their decision on borrowers’ professionalism, planning, honesty and ability to communicate clearly.

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Before you get to this stage, however, it is worth taking a look at the range of loans available to small businesses, which should help you pinpoint the best funding solution for your business.

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Secured and Unsecured Loans

Traditional business loans are usually split into two types: unsecured loans which don’t require security and tend to have higher interest rates, and secured loans, which are typically higher value loans more suited to growing businesses and are ‘secured’ by ‘putting up’ assets as collateral for the lender to seize and sell to cover any outstanding monies should you default on the loan.

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Your decision could be influenced by the legal status of your company.  Are you looking for a partnership company loan, or are you a sole trader or limited company? The age and track record of your company could also influence your choice. However, we tend to work with flexible lenders who will look at the bigger picture when assessing your application, so be ready to share the required information.

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Specialist Business Loans

Many lenders offer loans to suit businesses in certain industries, or to cover the purchase of equipment or vehicles, for instance. The benefit of opting for a specialist loan is that you can be very specific about the purpose of the funding, and therefore the precise amount that you require. In fact, being able to outline a fixed need, cost and lending period can help your application, as it may be perceived as less risky. 

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We work with finance providers that specifically lend in the following sectors:

• Hospitality, Leisure, Food and Drink

  • Pub

  • Restaurant

  • Hotel

  • Gyms

  • Brewing and Distilling

• Care & Nursing Homes

• Construction

• Education business

• Farming

• Florists

• IT consultancy

• Manufacturing

• Medical Practice

• Professional Services

• Retail

 

We also deal with ‘specialist situations’ business opportunities such as

• Management Buy Outs (MBOs) and

• Management Buy Ins

• Franchises

• Amazon Central Seller Retail Loans

 

Government Backed Business Loans

The Department for Business, Energy and Industrial Strategy provides funding for a number of loans businesses. There are a number of programmes lending money at a national, regional and local level for start-ups and growing businesses. 

At My Start Up ltd we partner with ‘government approved’ service providers to help you apply for achieve ‘government backed’ start up loans.  These are personal unsecured loans intended to help business owners, who have been trading less than 24 months, and prospective business owners.  An individual business owner can borrow up to 25,000 and a group of owners up to 100,000 (max of 4 owners).

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There are also loans available specifically to support regional development, ask us how we can help you with finding this type of finance.

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If you would like more information or a free consultation on obtaining a business loan please fill in the contact form with “loan” in the subject line or you can email or call us to discuss how we can help you find solutions to any issues you may have.

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