BUSINESS LOAN MARKET

As we approach the half way marker of 2024, we’ve looked back to January and been struck by how much the business loan market has changed in just 5 months. 

It’s safe to say that business loan enquiries have risen significantly. A number of factors for this but mainly businesses once again looking to grow after sheltering from the Covid hangover and economic challenges. 

Those that aren’t necessarily looking to grow are now keen to refinance existing loans that were taken at a time of slim options and the high interest rates reflect this.

The good news for both categories is that the business loan market appears to be way more competitive than at the turn of the year, as more lenders loosen criteria, expand their offering and rates begin to drop.

We’ve successfully completed a number of loans in the past 4 weeks that have assisted our clients in purchasing new equipment, expanding headcount, managing short term cash pressures or paying off expensive loans resulting in significant reduction in monthly payments. 

Our panel of lenders is expanding and currently they offer loans from £10k up to £500k unsecured, with terms from 3 months up to 6 years. The majority offer no early repayment fees to give ultimate flexibility to businesses and turnaround times are typically between 4-7 days. 

It is important to use a broker that understands your requirements in full, and in turn is able to navigate the loan market to ensure you get the very best options presented to you.

Get in touch if you would like to explore your options for additional cash flow to support your business.