At Fair Business Loans we chose the name for very good reasons! Our loans really are fair, and we take pride in providing funding for small businesses on that basis. You can read on our news and blog page about examples of small business loans that we have recently agreed and which have helped enterprising businesses to move forward.
Fair Business Loans treat every small business loan application on an individual basis and do not base our decisions on credit scores. We also tailor our loans around you and the needs of your business, agreeing the length, repayment frequency and timing of repayments of your small business loan accordingly.
The whole area of business finance can be daunting for a small business owner! We therefore thought it would be useful to outline four key things to consider when seeking funding for your business. Hopefully these ideas will help to prepare you when applying for a loan and will contribute towards a successful outcome.
Research
There are so many types of funding for small businesses around these days so it is essential to think carefully about what type of finance is right for you. For example, do you need working capital on a short-term or long-term basis? The type of loan will differ between the two. Are you considering selling some of the equity in your business? If so, how will that affect your control over the company and its day to day operation? There is no ‘one size fits all’ product in this industry. Fair Business Loans can advise you on what may be the most suitable small business loan for your particular needs and circumstances.
Affordability
When considering a small business loan check carefully how much it will cost you to repay! Information - particularly online - can often be misleading. We will focus on the topic of “Misleading Lending” in a future blog. The key thing is the importance of affordability! You need to really think whether your business can afford the finance available to it, and careful planning needs to go into how repayments will be made and how the business will be able to afford to clear its debt if sales take a turn for the worse. At Fair Business Loans we will discuss this with you in more detail and ensure that the repayment amounts and intervals of your small business loan are suitable for you.
Honesty
Just as one of our key principles is fairness we expect the same from our clients. There is no point lying to a lending company. At Fair Business Loans we do not base our decisions on credit scores so even if you have a poor credit history you need to be honest about that. In fact, the way around any potential obstacle is, unsurprisingly, to be honest! At Fair Business Loans our aim is to understand your individual circumstances and make small business loan decisions based on your situation and your character - honesty will always help with this.
Commitment
At Fair Business Loans we like to build good relationships with our clients, viewing them as long term mutual partners, where both parties benefit in the long run. Understanding this, the final important factor for finance acquisition should be commitment, from both the lender and the borrower. As a responsible lender, we expect you to make repayments on time to demonstrate commitment at your end. In return, we can be flexible and will always tailor your small business loan to the needs of you and your business. If the situation should arise when a payment is likely to be missed, make sure you contact us to explain what’s going on. We want to do what we can to help you and your business and try to get back on track.
So, if you are determined to secure funding for your small business then we hope that the above hints and tips will help! If we can be of further help to you at this stage then do contact Fair Business Loans to take the first step into your future.
