Small Business Funding: Your Comprehensive Guide to Growth

What type of funding or loan is right for your business?

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How do you find the right funding?

Navigating the world of small business funding can be a maze. But don't worry, we're here to guide you through it. Whether you're a budding entrepreneur or an established business owner, understanding your funding options is crucial. Let's dive in.

What Is Small Business Funding?

Small business funding is essentially the fuel that drives your business engine. It can be a loan, an advance, or any other type of financial support that helps cover daily operations or invest in growth opportunities. Think of it as a tool to refurbish your workspace, expand your reach, or even hire that extra pair of hands.

The type of funding that your small business needs is largely dependent on what the need for capital is for but also on other factors such as how much capital your business needs, your willingness to take on debt and your ability to service that debt will all be important factors for consideration.

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Why should I choose Small Business Funding?

  • Starting a Business: Establish a business from scratch. Partner with a specialist financial services provider for the best results.
  • Debt Restructuring: Offset a debt restructuring process by securing funding at more attractive rates than your existing debt.
  • Growth Funding: Ensure you're ready to seize opportunities as they arise, not just when you're prepared for them.
  • Working Capital: Maintain healthy finances, ensuring your business can respond to market changes or expand.
  • Asset Purchase: Secure essential tools or upgraded equipment to capitalise on business opportunities.

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Secured or Unsecured: Which One's for You?

There are two primary types of small business loans: secured and unsecured.

Secured business loans for small businesses

Secured Loans

These require collateral, like property or equipment. They often come with lower interest rates because there's less risk for the lender.

  • Borrowing capacity ranging from £5,000.
  • Potential to finance up to the full value of the asset.
  • Extended repayment terms of up to a decade.
  • Competitive interest rates leading to manageable repayments.
  • Suitable for those with less-than-perfect credit records.
  • A sustainable financing option for the medium to long term.
Unsecured Loans for small businesses

Unsecured Loans

No collateral needed, but as they aren't backed any asset, lenders will generally offer higher interest rates to cover the extra risk. 

  • Access funds ranging from £1,000+.
  • No need to put up any assets as collateral.
  • Flexible repayment terms.
  • Simple application with limited documentation.
  • Fast access to funds post-approval.
  • Ideal for short to mid-term financial needs.
  • Ensure the security of your business assets.

How Does Small Business Funding Work?

Much like any other loan, you receive funds upfront and repay them with interest over a set period. The specifics can vary based on the type of funding. Some might offer lines of credit, allowing you to draw funds as needed.

Rates, Fees, and the Nitty-Gritty:

Rates and fees can differ based on the lender and your business's health. While some loans have fixed interest rates, others might be variable. Always ensure you understand the terms before signing on the dotted line.

Qualifying for Small Business Funding:

To be eligible, you should:

  • Operate as a UK-based business.
  • Have been trading for at least 3 months.
  • Be a limited company, LLP, or a sole trader in the UK.

Is Small Business Funding Right for You?

It can be if you're looking for a quick financial boost. Especially if you're facing unexpected challenges or want to seize a new opportunity to grow. Remember, every business is unique, so assess your needs and financial health before diving in.

Small business funding can be a game-changer, but it's essential to do your homework. Understand your needs, assess the options, and make an informed decision. If you would like to research further, you can read our indepth guide to small business funding HERE.

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What our clients say


ELS and their team are very professional and always deliver the best advice and the right solutions to finance our coffee machines and hot taps to our end users. 

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A pleasure to deal with and would highly recommend.

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