The construction sector has a significant impact on the UK’s economy, making up 17% of the UK’s total businesses and contributing a huge £113 billion to the UK economy (UK Government, 2017). The construction sector also has one of the highest rates of self-employment, almost three times higher than the average.
Join the Esme team to find out how a business loan could help your construction and building business. We’ll also explain what a business loan is and how you can apply for one with Esme, even if you’re a sole trader.
A business loan is a sum of money that a business can borrow from a bank or loan lender. With most business loans, the loan can be spent on any aspect of your business, such as an expansion or buying new assets. You’ll find a range of business loans available with a variety of repayment options to suit your business and its cashflow.
For more information on the type of business loans available and how to choose the right one for your business, read our how to get a business loan guide.
There can be a number of reasons why a construction business may be looking for business finance, including:
If you’re looking for a business loan to spend on something that isn’t listed above, you can also spend your Esme business loan on any general business purposes, except purchasing property or purchasing equity in other businesses.
Here at Esme, we have provided our fair share of construction businesses with loans to help improve their business and its future projects. Below is just a few reasons why construction businesses have chosen us over competitors:
Applying for one of our business loans is simple. Firstly, you need to decide how much you’re looking to borrow and over what repayment period.
Once you’ve decided, you can get a quote from our website to see if you are eligible for a loan. If you are, you can apply for an Esme loan using our quick 10 minute application form. Following submission of your application, we’ll aim to come back to you with a decision within 24 hours.
If your application is accepted, the funds could be in your account within an hour of you accepting the terms and conditions.
The agreed repayments begin after you have received your business loan, which gives you time to organise your cashflow and focus on investing in your business.