Business Loans in Norwich

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What is a Business Loan?

Funding borrowed specifically for your business, not personal use.
You might use one to help grow your business or keep it running smoothly.

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There are
many types of business loan BUT they fall into two main categories

Secured Loans require collateral. This would usually be an asset that the lender can claim if the loan isn’t repaid as agreed. This security asset is typically property or equipment.

Unsecured Loans don’t require collateral, but may still need a personal guarantee or other form of assurance from the borrower.

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FAQs

Six common uses for Business Loans

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FAQs
  • CASH FLOW To enable your business to keep moving while waiting for invoices to be settled.
  • FUNDING EQUIPMENT Upgrading, replacing or purchasing new equipment or technology, to boost efficiency or fulfil expansion plans.
  • RECRUITMENT AND TRAINING Team expansion or training and development of existing staff.
  • START UP COSTS Covering initial expenses such as legal fees, stock or marketing.
  • WORKING CAPITAL To help with day-to-day running costs during phases of growth or slower more challenging times.
  • DEBT CONSOLIDATION Combining multiple debts into a single loan, potentially securing a better interest rate or simplifying repayments.

FAQ

What do I need to apply?

Requirements vary between lenders and products, but most lenders will expect to see the following:

  • ID DOCUMENTS for Directors, Partners or Sole Traders.
  • BUSINESS BANK ACCOUNT STATEMENTS usually for 3-6 months.
  • FINANCIAL ACCOUNTS AND FORECASTS such as balance sheets, profit and loss statements and cash flow forecasts.
  • BUSINESS PLAN, particularly if you’re a new business or looking to finance expansion plans.
  • TAX DOCUMENTS, including business tax returns and VAT registration details where relevant.
  • PERSONAL BUDGET, including details of personal income and outgoings.
  • LEGAL BUSINESS DOCUMENTS such as registration papers, certificates of incorporation, or partnership agreements.

How much can I borrow?

Loan amounts range hugely from £10,000 up to several million depending on your business needs and eligibility.

How long can I borrow the money for?

It will depend on the product and lender that you choose, but generally the period that the loan is arranged over can be tailored to the needs of your business. It could be as little as a few months or as much as several years.

What are the interest rate options?

A Fixed rate loan will provide certainty of what your repayments will be throughout the term of the loan. Repayments on a variable rate loan will fluctuate during the term of the loan. As market conditions change, you may benefit from lower rates if market interest rates fall, but you’ll also be at risk of rate rises.

What other costs and fees do I need to consider?

There are usually arrangement fees for business loans and in some cases Early Repayment Charges (ERCs). These can significantly impact the overall cost of the loan, so should be taken into account when considering your options.

What support is available from the government?

There are a number of government resources for a wide range of business ventures, at various stages of establishment and growth. It’s worth exploring if any of these could provide the help you need. Visit GOV.UK

Government backed business loans have been designed to improve the borrowing terms offered by lenders. By providing a guarantee to the lender, their risk is reduced, allowing them to offer more favourable terms. Our advisors will consider whether your business could benefit.

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