What is an unsecured business loan in Bristol?
With over 50,000 businesses trading in and around Bristol, having the access to business loans is vital. This is because it allows you the business owner to thrive and flourish with new business ideas. Bristol is one of the most historic places in the UK for trade finance. Now in more recent years, it has become a hive for SME businesses. However, it still can be daunting to know where to look for a business loan. Especially if your bank has either declined or not been there to support you. Being a non-homeowner looking for a business loan in Bristol and the UK can be a tricky task.
Why is this I hear you ask? It’s when a lender is assessing the business, they take into consideration who ultimately has the responsibility for that business and the individuals behind it. So, if the business owner or shareholder has no assets then it makes the lend riskier. The good news is though yes, it’s still possible to get an unsecured business loan in Bristol whether you are a homeowner or not. Obviously as previously mentioned if you are a homeowner that will stand you in great stead.
Unsecured business loans in Bristol v secured loans.
What a cracking question; unsecured versus a secured business loan in Bristol. In recent months with Covid-19 funding being in place by the Government with bounce back loans, CBILS loans, and recovery loans, business owners have become accustomed to providing little to no security. Simply securing the loan against the business depending on the value of the loan. Outside of government funding more traditional forms of business loans in Bristol are still readily available. An unsecured business loan in Bristol for the SME owner can be fully unsecured for the well-established, profitable, and financially excellent business. The lender will credit underwrite the business loan backed purely against the business.
For the start-up and SME business in Bristol then an unsecured loan with a personal guarantee from the directors and or shareholders will be taken. Commonly these loans are short-term business loans designed to speed up the business’s growth. Both homeowners and non-homeowners will be eligible for this loan. Secured business loans in Bristol carry a longer-term up to 10 years and can allow the business to access higher levels of funding. The security will vary dependent on the lender. It can give your business the opportunity to access commercial finance in Bristol.
Looking for an unsecured business loan in Bristol?
When looking for an unsecured business loan in Bristol, Pinnacle has access to the whole market as a commercial finance broker. We are all agnostic finance brokers in Bristol. This means we don’t hold preferential treatment to any lender. We tailor the unsecured business loan or alternative finance facility to your individual requirement. We have specialists who are well experienced in the chosen field of commercial finance. Then find the unsecured business loan in Bristol that suits your needs. It may be that you are looking for short-term cash-flow funding in Bristol. Then we can find you a business loan that has no early repayment fees. The options available to you the business owner in Bristol are vast. This is why we assess each individual business on its own merit and tailor the business loan to the requirement. We are well-experienced brokers and always happy to talk.
How much will an unsecured business loan cost?
The million-dollar question of how much an unsecured business loan will cost. The straight answer is it will depend on multiple factors when underwriting a business loan application. A new start business looking for a start-up loan for example will be very different from an established SME with high levels of turnover and profitability. So, to answer to give exact figures on this would be unfair without assessing the business. However, the brokers at Pinnacle can assess your business and come back in under 24 hours with indicative costings and quotes. Getting the financial information and if you are a new start business looking for funding then a clear business plan ready is key. It speeds up the process and allows you to get the best business loan possible.
How do you get an unsecured business loan?
An unsecured loan is more straightforward than a secured loan. It commonly has more flexibility and is over a shorter term than a secured loan. Having your business information ready and up to date is very important when applying for a business loan. One of our finance brokers will run through your business to determine what the most suitable form of finance is for your business. Commonly unsecured business loans carry higher interest rates with greater flexibility and less security. Unlike a secured business loan, no charge is taken over the property.
This is a positive for you as the borrower. It reduces the risk of the business loan. Having no early repayment fees on the business loan is very attractive. The aim of the business loan is to invest, grow turnover levels and improve profitability. This will allow you to satisfy the business loan in the shortest time frame possible. Reducing interest charges. If you would like to find out what unsecured business loans are available you find out more.