Start with your own bank. They know you and your business so are better placed to advise on the best finance options for your situation.
If your bank can’t help, shop around for a bank that can. Some banks will be more experienced in export finance than others.
Business loans come in different shapes and sizes. As with raising any finance, you’ll need a well considered plan that shows the growth you expect to achieve and how you’ll pay back the debt.
The amount you’re offered will depend on:
- how secure your business is
- your business’s financial and credit history
- whether the loan is made against a security or guarantee
If your company is less than 24 months old you could be eligible for a Start Up Loan.
Use a finance platform
There are many websites that match businesses to financial products. The government requires banks to refer companies they can’t help with a loan to:
Other finance platforms include:
Businesses that want to lend are matched with businesses that want to borrow through an online platform. The loan is usually made up of small amounts from several lenders. These loans are often processed more quickly than a bank loan.
Interest rates are either fixed or lenders bid for a loan based on the interest rate they are prepared to lend at.
You have to submit accounts, go through credit checks and provide a personal guarantee from a company director to register for a loan on most platforms.