Services - Business Loans

Business Loans

Stuck in a growth rut? Nearly all businesses need finance at some point in their life – whether it is for initial start-up costs, or for major business expansions and partnership buyouts.

Indeed, many businesses have ample growth potential, but do not have the profit margins to afford expansion, or they may have all their assets held in non-cash methods.

Having secured millions of pounds in commercial loans for our clients over the years, we are well-placed to help you unlock business growth.

What are Business Loans?

Business or commercial loans serve as a vital tool for businesses to access the necessary funding to meet their strategic goals, whether it’s expanding operations, investing in new equipment, or acquiring a competitor.

There are various types of business loans to suit diverse needs:

Secured loans: Secured loans require collateral, which can be anything from property or vehicles to equipment and stocks. They typically come with lower interest rates and longer repayment terms and allow lenders to extend larger sums.
Unsecured loans: Unsecured loans do not require collateral, and come with higher interest rates and shorter repayment terms. Unsecured loans, however, are more quickly approved without the added hurdle of valuing and securing collateral.
Business line of credit (LOC): A business line of credit is a finance facility that allows flexible access to funds for ongoing operational needs.
Term loans: Term loans are a structured credit facility that allow borrowers to access capital with an agreed term for repayment.
Government-backed loans: The Start Up Loans programme is a UK-wide, government-backed scheme that offers a personal loan, up to £25,000 to those that have a viable business idea but no access to finance. They charge a fixed rate of 6% per year and come with no application or early repayment fee.

As an intermediary, we can discuss the common features of all available business loans, including:

Flexible terms with no early repayment penalties
Fixed or variable rates of interest
Repayment terms with short and longer terms available

Benefits of seeking a business loan with Hilton Smythe:

35 years of experience in securing our clients loans on competitive terms: Our expert commercial finance brokers have secured millions of pounds in business loans for our clients over the years, for purposes ranging from working capital needs, to essential or speculative business expansion.

What’s the difference between a secured and unsecured loans?

The key difference is that as per its name you are putting security forward to gain funds for a secured business loan, whereas with an unsecured loan you wouldn’t.

By doing so, the secured loan provider has collateral to provide security and comfort, helping to reduce their overall risks as a lender.

The application process is usually quicker and easier when applying for an unsecured loan, as secured loans require the assistance and involvement of third parties.

As the borrower, you can often receive a cheaper form of credit with a secured business loan, in the sense that the repayment period could be extended over a longer period of time and interest rates can often be lower, however this would be on a case by case basis.

For example an unsecured loan tends to be over 5 years, whereas secured loans can be taken out over lengthier time periods.

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