Running a business can be expensive, the nature of trading can be unpredictable and present opportunities when you may or may not have the cash flow to take seize the moment. A business loan enables can provide many benefits to a corporation. It may allow a business to purchase new stock, implement new services or implement forward thinking systems. A business loan can also help with maintaining cash flow, their may be admin costs or requirements that can be looked after and enable a business to have a steady stream for a rainy day.
Am I eligible?
Inevox will take away all of the legwork away from you! Once we receive all of the required documentation we are then able to work out your eligibility. We ensure that we are as transparent as possible with our clients and we will provide information and help you make decisions in the most insightful and easy to understand manner possible.
Types of small business loans
There are a great variety of loans available to businesses. A business loan can be on an upfront basis, this means the entire value of the loan is taken at once and is paid back in regular instalments. It can also be on call, with payments determined by the amount of the loan that the business has drawn down. It is always important to understand that different types come with varying interest rates and repayment conditions.
Line of Credit
Line of credit or equity loans can allow the business to draw on an account balance up to an approved limit. The benefit of the loan is that it is highly flexible and is usually used to fund smaller capital requirements. They are typically secured against property. It is important to bare in mind that the interest rate for a line of credit is likely to be lower than that for an overdraft, this furthers the important to keep up payments and ensure your secured asset is never at risk.
A Term Loan, is a fully drawn advance that can help fund long term business investments that improve the earning potential of the business, This could be new equipment, machinery or a service line. This type of loan is usually be structured over a fixed term with scheduled repayments, It is important to remember that this type of loan is secured by a mortgage, residential or commercial property.
If the entity is looking to purchase an asset or any form of capital equipment it may be beneficial to lease. In this circumstance a finance provider would own the asset and the business would make repayments based on a fixed rate. Once the agreed terms are over the business can then decide whether it would be best to purchase or renew the leasing terms.
A Business Loan will not be the reason for your businesses growth or decline. The business itself is the determinant, if you are 100% committed and devoted you will succeed more often than not. What a business loan can do is provide you with a platform to bet and believe in what you do
Is this the right move for me?
Ultimately it is your decision as to whether you believe a business loan is right for you. Our promise is that we will do everything possible to explore every avenue and access the effects and financial likelihood of your business loan. We have a decorated team that are highly specialised in accounting and business advisory. This means that you will always be getting the most insightful advice from those who have industry leading experience in all aspects of business growth and feasibility.