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Longer Term Loans

A medium to long-term business loan typically enables you to borrow money to help your business for one to five years.
The loan is repaid in monthly instalments, with interest added to the amount you owe. There are two types of business loan:

  • Fixed rate of interest: Your payments won’t change over the term of the loan.
  • Variable rate: The amount you owe could vary over the loan term.

Make sure you know which you are getting into as this could have a real impact on budgeting for your business.

Advantages Of A Medium To Long-Term Loan

A medium to long-term business loan can help with all the costs associated with setting up a business, from cashflow to expenses and paying staff.
The longer the term of your loan, the lower your monthly payments will be, as you are spreading the cost over a longer period of time. This can be useful when you are trying to get your business off the ground, as it means you won’t have to make high monthly payments at a time when there will invariably be plenty of other set-up costs to consider.

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Alternatives To Medium To Long-Term Business Loans

As well as loans, there are several other ways that business can secure funding. You may, for example want to use a business account overdraft which can provide you access to funds as and when you need them, making them useful for any unforeseen expenses. Business overdrafts are usually available for any period up to 12 months.
Alternatively, you may want to consider a business credit card. These can provide a useful way to manage staff spending and usually give up to 56 days interest-free credit.
Other options include cash flow finance, which enables companies to borrow against the value of their unpaid invoices, and borrowing against assets, for example your business’s property or equipment.

If you feel a business overdraft is right type of finance for you, click below to learn more about business overdrafts.

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Helping Businesses
MAXIMIZE THEIR FULL
POTENTIAL

Why Apply For A Business Loan

  • Purchasing inventory
  • Purchasing equipment
  • An ongoing source of cash flow funding, that grows with your business
  • Your customers need never know the difference, with your service staying exactly the same

 

Benefits Of A Business Loan

  • Simple, Streamlined Application Process
  • Very low fixed interest rates
  • Predictable monthly payments
  • Helps build business credit
  • Allows operational cash flow to be used elsewhere