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Do you have a passion that you want to turn into a profitable business? Or do you already run a business and want to take things to the next level?
Whether you’re just starting a new business in London or are planning to expand the one you’ve already got, money is always required to make it happen. But what if you don’t have the cash readily available?
Most businesses in London must cover typical expenses, including equipment, leases, marketing, staff, and so forth. But if you don’t have the money to start or grow your business, a business loan may be able to help.
Read on to find out all about business loans in London that can provide you with the funds needed to get your business up and running.
How Business Loan Funds Can Be Used in London
The funds obtained from a business loan can be put toward a number of different things, including the following:
Startup costs – As already mentioned, starting a new business from the ground up in London requires a certain amount of capital. Whether you need to lease a space, purchase equipment, hire staff, or pay for advertising, money is needed. And a business loan London can provide you with this much-needed capital.
Expanding your current business – If you already have a business running in London and are looking to grow it, you might need a bigger space, more equipment, and more employees to help make that happen. In this case, extra funds will be needed. This is where a business loan in London can help.
For more information about expanding your business, check this out.
Paying employees – Most likely, you’ll need a certain number of employees to help you operate your business in London. But these employees need to be paid, and if your current cash flow is a little slow, this could be a problem. Fortunately, the funds from a business loan can help cover the expenses related to hiring and paying new staff.
Advertising – In order to spread the word about your business and the products or services that you offer, marketing is required. But as with anything else in business, marketing is expensive and requires a certain amount of capital, which you can obtain from a business loan London.
Buying new equipment – No matter what type of equipment that your particular business requires, a business loan can help provide you with the funds needed to purchase whatever tools are needed to keep your business operational.
Starting an e-commerce website – You can really take your business to new heights by taking it online. But starting an e-commerce business is expensive. That said, a business loan can give you the funds needed to get your e-commerce business running and exponentially increase your revenues.
Check out these small business loan myths.
How to Apply For a Business Loan London
Before you apply for a business loan in London, take some time to get your finances in order and check your credit profile. Ideally, your financial health and credit score should be in good standing in order to increase your odds of getting approved for a business loan, as lenders in London will look closely at all of these factors before deciding whether or not to approve your loan application.
Here are some steps to take to ensure you’re on strong financial ground before applying for a business loan:
Pull your credit report. Get a copy of your credit report from one of the three major credit bureaus in Canada and look for any errors that could be pulling your credit score down. If you find any, be sure to report them right away and have them investigated and fixed.
For everything you need to know about business credit, click here.
Understand your credit score. Lenders in London want to be sure that they’re working with borrowers who have a track record of being responsible with their bill payments. A good credit score will paint the picture of a responsible borrower, whereas a low credit score shows the opposite.
Shop around. In order to make sure that you’re getting the best loan possible in London, be sure to comparison-shop from one lender to the next to see what loan options they have available to offer you.
Get a business plan together. The majority of lenders in London require that borrowers looking for a business loan put together a plan. Your plan should include information about the details of your business, your experience in the industry, where you expect revenues to be in the future, and exactly how much you need for your intended purpose.
Can you get a business loan based solely on an idea? Find out here.
Industries That Business Loans Can Help With
There are many different industries in London that business funding could be beneficial for, such as the following:
The list can go on and on since there’s really no restrictions on how the funds from a business loan can be used.
Types of Business Loans in London
Not all business loans are exactly the same. In fact, there are a few variations of business loans that you might want to understand before you decide which avenue to take.
Here some options to consider:
Small business loans – This is the typical business financing option that many business owners choose. With this product, lenders in London provide borrowers with a lump sum of money that can then be used to start a new business from scratch.
Equipment loans – These are unique types of loans that are used specifically to help business owners purchase equipment needed to run their business. They work by using the actual equipment as collateral for the loan.
Commercial mortgages – These types of loans are used to help business owners cover the cost of acquiring new commercial space.
Merchant cash advances – If your business takes credit or debit payments from customers, then a merchant cash advance might come in handy. These types of unique loan products involve using future credit card receivables as an advance for the money obtained from lenders.
What is working capital? Check out this article to find out.
Do You Need Funding Grow Your Business in London?
Whether you’re starting your business from scratch or are looking to grow the one you’re already running in London, money can often stand in the way. But it doesn’t have to thanks to the wide variety of business funding options available in London.
If you’re in need of financial help to start or grow your business, get in touch with Loans Canada today and we’ll guide you to the appropriate lender in London who can offer you the exact financial tools you need to be successful.