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!