Investing in your business is essential to improving its chances of finding success and making profit. This can take many forms, whether it’s buying new equipment, hiring new staff or upscaling to a larger premises.
A business loan is a sum of money specifically intended to be used for business purposes, such as buying equipment or hiring staff. There are many types of loans available for businesses, the right one for you depends on how much you need to borrow, your ideal repayment period and how you intend to utilise the loan funds.
In order to apply for a business loan, you must be starting or have an existing business. Most lenders will have additional eligibility requirements that must be met in order to qualify for the loan.
For more information on the types of business loans available and how to choose the right one, head over to our blog.
There are lots of reasons why a new business loan could offer your business the finance needed to thrive and potentially improve future prospects.
Having a great product or service isn’t enough when no one knows about your business.
This is where a strong marketing plan comes in, helping you promote your brand and ultimately drive customers, whether that be through social media, print advertising, Google advertising, PR or by hosting events.
A new business loan could not only cover these costs, but can also pay towards professional advice to ensure that your marketing strategy is a good one.
A website is a powerful tool for attracting new customers. If your website is badly dated or slow, it could push potential customers away – according to a 2010 report by Econsultancy, 88% of customers would be put off returning to a website after a bad experience. And if your business doesn’t have a website at all, then you could lose business to your more digitally active competitors.
A new business loan could provide an excellent opportunity for you to make the most of digital opportunities, without having to take a hit to your cash flow.
Depending on your business and the service or product you’re offering, you may need to look at renting more space or a larger premises. This can be expensive, with fees, deposits and early payments all thrown into the mix.
A new business loan could help make rent costs more manageable for your business, as you can spread the cost over a longer period of time.
Whether you’re expanding into a new market or upgrading your assets, lacking the right equipment can be severely detrimental to your business’ success.
It’s usually worth spending more on good and reliable equipment, providing greater quality to you and your customers.
A new business loan could make it much easier to purchase equipment straight away, allowing you to improve or offer a consistent service or product.
When running a successful business, it’s essential to have money to buy high quality stock that you’ll be able to sell and profit from.
A business loan could provide you with the finance needed to buy products that you are confident will sell, rather than take risks on lesser quality inventory.
Additionally, many suppliers offer discounts on large bulk orders. Having more capital at your disposal enables you to capitalise on these opportunities, giving you the option to lower your prices whilst maintaining your all-important competitive edge.
Here at Esme, we offer unsecured business loans from £10,000* to £250,000, which are repayable over a 1 to 5 year time period.
All applications are done online, simply fill in our 10 minute online application form and select the amount you want to borrow and the time period in which you’re seeking to repay it.
If your application is successful, we’ll send you our terms and conditions. Once you’ve accepted the terms, we’ll transfer the funds within an hour.;