Asset Finance | Business loans

What Are Business Loans & Asset Finance?

Retail business loans are a form of finance product delivered by a lender to the borrower directly. Once you have business funding, you can invest the working capital into any area you choose such as helping cash flow, making VAT or tax payments, purchase inventory, or marketing.

Whereas asset finance for retail stores is business funding that allows you to invest in valuable equipment. High-quality shop displays, till technology, and interior design features all can transform your business. However, retail businesses may lack the funding options to buy this equipment, which is why retail finance can support the growth and success of your business.

How Do I Apply For A Retail Business Loan Or Asset Finance?

Step 1
Check your eligibility for retail funding and one of our experienced account managers will discuss your requirements and find the best finance option for your business.

Step 2
If you want to take out a retail business loan, choose between a secured or unsecured finance solution. From there, supply Millbrook with supporting information, and our team will send an application to an underwriter for approval.

Step 3
Once finance has been approved, the documents need to be signed. Upon receipt of signed documents, your account manager ensures the funds are released as soon as possible.

Step 4
The retail funding is released, the finance agreement begins, and you can invest in your retail store.

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How Does It Work?

For a small retail business on the high street, business loans or retail asset finance can transform your operations. They help you purchase valuable equipment that improves customer’s experiences, enhances your shop’s displays, and assists cash flow. Business loans can be spent on any area of your business while asset finance is traditionally used to acquire equipment or refurbish your premises.

When taking out either finance option, use our eligibility checker. From there, our experienced team will source finance for the asset you want to purchase or funding for your business loan. Millbrook finds the best deal for your company and the lender delivers the funds upfront. This allows you to reinvest in the business so you can accomplish your aims and objectives. You then repay the lender in monthly instalments with interest.

Advantages

Retail Asset Finance

Only a small upfront payment is required to secure finance on retail sector assets.
Spread the cost of purchases over 7 years and fixed payments make it simple to budget long-term.
Invest working capital into other areas of your company, while still upgrading your equipment.

Business Loans For Retail Stores

Use the funds when you need them and have total control over how you send the cash.
While secured business loans are available, often loans don’t require security.
Invest in your retail store to give it the best chance of future success and growth.

Disadvantages

Business Loans For Retail Stores

If you have a low credit score, interest rates will typically rise. By working with Millbrook, our team ensures you always get the best deal regardless of your credit score.
Don’t rush into taking out a business loan, consider all finance options. Asset finance may be the better solution for your requirements.
You will need to pay off the business loan, along with interest. The longer the agreement is, the more interest you will pay overall. Alongside your account manager, ensure the business loan is cost-effective and a smart investment to make.

Retail Asset Finance

If you miss a payment, the equipment may be taken back by the lender as it’s security on the agreement.
The minimum term will likely be around a year.
Damage to the equipment that isn’t covered under servicing or maintenance means you may have to pay for repairs or obtain insurance.

What Are The Fees And Interest Rates?

Interest rates on unsecured business loans can start as low as 3.2%. If you choose the secured option, you may be able to get a cheaper interest rate because the lender will have security in the form of an asset or property. All lender fees will be spelled out in your contract and disclosed to you in complete transparency. We do not charge any arrangement costs for your loan because we are a responsible business finance provider.

With asset finance, there are no arrangement fees. Lenders may charge an administration fee, however, this is typically only around £150 + VAT. Interest rates will also be lower with retail finance agreements as the asset is used as security, which encourages lenders to be more competitive.

Retail Business Loans & Asset Finance For Bad Credit

At Millbrook Business Finance, our team operates with an industry-leading approval rate of 96% for business loans and asset finance. We believe every business deserves the opportunity to grow and thrive. Don’t miss out on the chance to invest in your retail store and take it to the next level. Check your eligibility below and discuss your requirements with us to discover the best finance solution for your business.

Check Eligibility

Why Choose Millbrook Business Finance Retail Loans?

Interest Rates At Their Lowest
Because of our direct contact with lenders, as a business finance provider, we can obtain the most competitive interest rates in the UK.

There Are No Hidden Costs.
We believe in company finance that is honest and open. Under no circumstances will we charge you an arrangement fee.

Proven Account Management
Obtaining business financing can be a lengthy and complicated process. Our account managers remove the stress and make it simple to invest in your business.

Unrivalled Rate Of Approval
Because we have access to over 80 UK partnered lenders, your business is more likely to get approved for business funding.

Business loans & Asset finance for Retail

Millbrook Business Finance