A small business loan offers start-ups and SMEs a quick, convenient and affordable way of raising the working capital they need to grow. It enables businesses to get a cash injection when they need it, for a fixed interest rate and agreed monthly repayments for the duration of the loan term.
A far more flexible and tailored means of financing than a long-term business loan with stricter terms and conditions, a shorter-term small business loan can be used to fund all manner of business growth activities. They can also be either secured or unsecured in nature.
In many sectors of industry where small businesses typically don’t actually own any premises, vehicles, machinery or equipment, raising capital via traditional lending routes can be a challenge. And that’s where unsecured loans can help, providing the funding small businesses need irrespective of owned assets.