Jul
29 Banks to be pressured to increase business lending

Vince Cable, the government Business Secretary, has warned banks that they are not acting in the national interest, failing to increase lending to businesses. The banks argue that there are loans available but many cautious business owners are not applying.

Mr. Cable has made it clear that the government are currently monitoring the situation and if it does not improve sufficiently in the near future more bank regulation may be needed. This may be in the form of bonus restrictions or loan guarantee schemes.

Mr. Cable is looking into a range of measures to improve the flow of cash to businesses. However many business owners do not want to take out business loans where the high rates of interest make it difficult for them to afford repayments. Perhaps the business secretary should be pressing for banks to reduce rates offered to customers first.

Finding the best rate business loans could save your business money each and every month. Whilst high street banks insist they are lending to businesses it is certainly at a price and many business owners would be better looking at an independent business loan broker who have access to multiple lenders to secure the best deals.

A quick enquiry to them will show you whether they can offer you a better rate than your bank. They are also useful if your business has had credit problems in the past or been turned down elsewhere. By utilising a broker you have access to specialist lenders looking for your type of business.

Categories: Business , Economy , Financial

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Jul
15 More businesses relying on credit cards

A recent survey from the Scottish Government suggests that around one third of Scotland’s small businesses are relying upon credit cards to keep their business going. Most are using corporate credit cards but some are using their own personal credit cards. Either option is likely to attract extremely high interest rates if the full amount is not paid off at the end of the month.

Many businesses that have approached their banks for funding have been turned down. Whilst business lending from banks has improved since 2008, at the height of the financial crisis, it is still difficult to get a business loan from a traditional high street lender.

Another option for businesses is to approach a broker, such as ourselves, who have access to a number of different lenders. Each lender has its own acceptance criteria and if one cannot help your business it is very likely that another will.

We keep abreast of all of the latest business loan rates and plans to enable us to quickly fit a loan to your individual circumstances. We can guide you through the application procedure and help with paperwork and other requirements from lenders.

Already been offered a business loan? Still get in touch with us to see if we can offer you a better rate. A few pounds per month saving can add up over the course of your loan term and it’s better the money is in your pocket rather than the banks!

Categories: Business , Economy , Financial

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Jul
07 Any purpose business loans

We deal with all types of businesses and can provide business loans and finance for a variety of reasons. Some typical examples of our any purpose business loans are as follows:

1. New equipment

As technology advances new equipment becomes available which may improve the efficiency of your business. As the years go by your old equipment wears out or breaks. In either of these situations a loan for new equipment would help your business.

2. Refurbishment

Offices, shops, pubs and restaurants will from time-to-time require “doing up”. Business loans for refurbishing your property are available.

3. Property purchase

If you want to buy a property to house your business loans are available to fund buying the property in question.

4. Buying a new business

If you wish to buy a business that is already trading there will be a cost involved. We can help you fund buying a business.

5. Bridging Loans

You might have a property on the market and are awaiting sale and you need to release the cash tied up in it, you may need to move quickly in the property market or have had a last minute hitch, or bought a property at auction and only have 14 days to complete.

These are just some of the ways we can help you with business finance. Whatever you need money for, contact Yes Business Loans – we are here to help your business.

Categories: Business , Financial

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Jul
02 G20 leaders welcome UK budget actions

Leaders of the world's major economies are committed to halving their deficits by 2013. The actions taken in last week’s emergency budget by the UK Chancellor, George Osborne, have been welcomed by the G20 leaders at their summit in Canada.

With the UK having one of the largest deficits the need to take action early was imperative, confirmed by David Cameron in his press conference at the end of the summit - "For some people, particularly countries like Britain with the biggest budget deficit in the G20, that action has to be fiscally consolidated, it has to be sorting out our debts and our deficit so we get confidence in our economy."

The “tough but fair” budget measures have meant tax rises and spending cuts on a significant scale. These have been opposed by the Labour opposition as too much, too soon. Only time will tell.

For businesses, those dealing with the public sector could be worst hit as spending is set to be slashed by up to 25% in many departments. This will have a knock on effect on suppliers. Other business measures in the budget were generally welcomed by the business community as they could have been a lot, lot worse.

Business loans were unaffected by the budget and signs of recovery in the market continue with more lenders and money available.

Categories: Business , Economy , Financial

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