The Business Finance Specialists
The Business Finance Specialists
Competitive Rates Available
Simple Application Process
Flexible Repayment Terms
Bespoke Finance Solutions
Dedicated Account Management
Our loans for small businesses offer you quick and simple access to funds that can be used wherever it’s needed most. Whether it’s to help with your cash flow, purchase new equipment or help when taking your business to that next level, Millbrook Business Finance can offer loans that are tailor made for you and your business.
Our application process for small business loans is quick and simple. We don’t need complicated forecasts or extensive business plans so you can focus on the things that matter to you.
Step 1
Enquiry – Start your process by submitting an enquiry via our online form or by calling 0333 015 3301 to speak with an account manager.
Step 2
Application – Next your application will be submitted to an underwriter who will grant your decision typically within 48 hours.
Step 3
Approval – Your finance is approved and a copy of you finance agreement is sent to you for you to complete.
Step 4
Payout – Once your agreement is signed and sent back to us we will review, activate and release the agreed funds.
A business loan is a type of financial loan that can be used specifically for a business. They differ from a personal loan as they can only be used for a legitimate business purpose, including cashflow, working capital, stock, new equipment, renovations, VAT or tax bills etc. After the loan has been approved and the funds have been released, you will have to pay back the loan, with interest, over your agreed period, typically between 3 months and 6 years in duration.
A business loan can be hugely beneficial to businesses of all sizes, but especially for SME’s. They help to alleviate the financial pressure that is common with running a small business and can be crucial source of finance when extra funding is required. Extra funding is often needed in all areas of your business, whether it’s to expand, purchase new equipment, renovate your company premises or even just to help during tough times.
Millbrook Business Finance offers a host of different loans and it can be difficult to know which one is right for you. We have listed some of the main ones below to help give you an overview of the options that are available.
An unsecured business loan is a loan that does not require any collateral up front in the event that you cannot repay your loan. This is beneficial as it means you will not lose your assets such as belongings or house if you default your payments. The disadvantage is that an unsecured loan is seen as a bigger liability and more of a risk to a lender, meaning funds and borrowing times may be restricted.
A secured loan is a business loan that requires you to put some kind of collateral as an added level of security. The benefits of this is that you are able to borrow more money over longer periods of time as the loan is seen as less of a risk to the lender. The disadvantage is of course if you fail to repay your loan, your assets will be seized.
A bad credit loan can be given to you even if you have a poor credit rating. This allows you access to funds despite any financial issues that you may have had in the past. You will however be seen as higher risk and therefore be limited to the amount that you can borrow and over what length of time. You may also also have to prove that your business is financially viable and may be asked to supply a comprehensive plan before getting approval.
Becoming a limited company means that your liability is only limited to the stake that you have in your company. It separates the running of your company from the shareholder and can be a good way of protecting yourself should you not be able to meet your repayments. Becoming a limited company can take time however so there may be faster options out there if you are not already registered.
A sole trader refers to anyone who is both the owner and major operator of their business. Loans for sole traders are generally easier to acquire due to the simpler business model, although should you run into financial difficulties and cannot repay your loan, you will solely be responsible for it.
An emergency business loan is an option to release extra funds when you need it most. Sometimes the unexpected happens – such as an increase in rent or a piece of work related equipment breaks – and you will need fast access to financial help. Emergency loans are usually approved in a very short space of time, allowing you to put money back into your business without any sluggish approval process.
There are other forms of small business loans available including short term business loans, flexible small business loans, SME business loans and more. If you’re unsure about the loan option that is right for you, speak with a member of our team today by visiting our contact page.
Millbrook Business Finance will always try to get you the best possible business type of finance, regardless of your credit score. However, to improve your chances of getting a small business loan approved you should first focus on improving your credit rating.
In the short term, constructing a business plan that thoroughly shows the viability of your business is a great way to boost your chances of approval. You should try to make your business plan as extensive as possible and ensure that it includes a description of your business, the nature of your business and any financing, funding or marketing strategy information.
Other methods include getting a cosigner to safeguard the process should you not be able to repay, or lowering the amount of money that you need to borrow.
There is no quick fix to improving your credit score, but there are some things you can do. Most importantly, all bill payments should be paid on time as your payment history makes up the largest portion of your overall score.
It is also recommended that you keep your debt low, although a small amount of debt is required to help build your score.
You should also make the most of your business account by using it to pay for business related outgoings as regularly as possible.
Your small business loan can be used on anything related to your business. Your funds can be used for renovating or upgrading your company premises to ensure that your business continues to look its best. To ensure your business keeps up to date and running efficiently, loans could be used for improving and upgrading your company technology. Small business loans can also be used for bolstering your marketing and advertising funding to ensure that your product is seen by the right people.
Yes, you can pay off a small business loan early should you have extra cash available. This can be a good idea, especially if your loan has a high interest rate as you will be saving money in the long term.
It may, however, not be worth it for shorter term loans as the money saved from interest will not be as substantial as a longer term loan. Your loan may also have an early repayment penalty which may impact the amount of savings you hope to make. Paying back your loan early also means that you have to part with a lump sum of money now, which isn’t always a viable option. It’s recommended that you understand your business’s cash flow and whether or not it would be worth repaying your loan.
We offer a range of different loan options to ensure that you find the right one for you and your business. Our small business loans can be used to inject cash into your business and we will work hard to make sure that your application is approved.
To find out more about applying for one of our small business loans, please contact one of our experts today. Call us today on 0333 015 3301 or visit our contact page to get in touch today.
