Need funding for your business but don’t know where to start? In an economic climate that’s still uncertain it’s more crucial than ever to plan well before you apply for business funding. And whether you have a start-up or an established business, your first step should be to explore the different sources of funding for small businesses. You should also bear in mind that it’s important to think carefully before committing to any form of credit.
The most suitable options for funding business may depend on:
Often provided to help new businesses via a bid system. Search the funding finder at www.gov.uk/starting-up-a-business
You can sell shares to your friends, family or associates in return for investment in your business or you can also apply to venture capital companies, business angels or crowd funding platforms.
This may be some form of loan which can be secured against your business or your personal assets such as car or home. A bank will demand you provide detailed business forecasting and will run a credit check on your business.
This is usually an unsecured finance option paid back over months rather than years. This type of finance is often used if you have a gap in your cash flow or working capital.
It’s the mantra used by every business owner or bank manager, but it really pays to write a sound business plan. If you can put your business plans and forecasts in writing you should have a better idea of what funding you need and how you will use it.
Use a loan calculator to work out exactly how much you can afford in terms of monthly repayments. Overburdening your business with debt will affect your creditworthiness and ability to get business funding in future.
Before you apply for a business loan run a credit check through a credit checking agency. If you can show a finance provider that you have a good credit score you may be looked upon more favourably. If you’re a new business and don’t yet have a credit score, it will help if your personal credit score is favourable.
Banks used to be the ‘go to’ place for business funding. Now there are many alternative funding sources available.
At Everline we provide new kind of business funding with flexible credit for business that want to expand, need additional working capital or bridge a cashflow gap. We can offer short term loans of up to £120,000. If your application is approved, we’ll send the funds to your bank account within an hour.
Our service isn’t designed to help repay existing debt, and if you miss a repayment, a default fee is charged and it may affect your credit rating. So you should not apply for a loan unless the business can afford the monthly repayments.
We’ve made application straightforward – you can do it all online. Just go to our ‘Get a quote’ page and use the sliders to select how much cash your business needs and how many months you want it for. You can see exactly what the monthly instalments are and the total cost for the term selected.
Everline provide financing that benefits from the support of the European Union under the Loan Guarantee Facility established under Regulation (EU) No 1287/2013 of the European Parliament and the Council establishing a Programme for the Competitiveness of Enterprises and small and medium enterprises (COSME) (2014-2020). The Loan Guarantee Facility is managed and implemented by the European Investment Fund (EIF). Find out more.