Richard Butler Creagh: Business Loans

09:39

 Richard Butler Creagh on Business Loans


Welcome to the Richard Butler Creagh blog. Richard Butler Creagh has been in the bridging lending business for many years. Richard Butler Creagh's is financing process is laser-focused on the asset. All else is secondary. Because the only thing that matters is your property. In today's post, we talk about the types funding to finance your growing business. Read on to find out more.

The recent statistics show that over $4billion of loans have defaulted. This has a significant impact on the lending business as it increases the risk when borrowing money and consequent increases the cost for borrowing money which not only impacts the individuals but also the economy due to increased cost. Today organic growth for the business is almost unheard of on a medium and large scale. In fact, a study has shown that a healthy business has approx. 60 % on finance to get optimal growth.

As they say, There is no business without cash to open it. Smaller or larger. The idea itself is not enough!   It is a challenge for young entrepreneurs to get financial resources to start a business. The vast majority of cases, opening a business with no financial outlay is simply impossible. Fortunately, in recent years there have been many opportunities on the market to take out a loan to start a business in the UK. The situation is even simpler if we take care of a good business plan and we want to create new jobs. The property market, however, has an exception where has to be sufficient security in the project.

 A loan from a bank in the UK. The most important element that decides about obtaining a loan to start a business in the UK is credit history. This is what the banks take into account when assessing our creditworthiness. This assessment determines the credibility as a borrower and is to be a confirmation for the bank that we are able to repay the loan. It is developed in a credit score system, and the number of points we get translates into the amount of the loan that we can apply for. The same works for business and in many cases if there are not securities even for a limited company the bank will require a personal guarantee, which defeats the object of having a limited liability company in the first place.

Loans for start-ups. Another way to get a loan to start a business in the UK is to take out a bank loan intended only for start-ups. Usually, these are loans for relatively low amounts (from several to several dozen thousand) with a short loan term. On the British market today we find only a few banks that have an offer of loans for beginner entrepreneurs, but each year there are such offers. Banks are afraid of a fairly high risk of insolvency, which is why they are still more willing to lend money to enterprises that are already operating on the market. We must remember that the banks

Business grants. A grant is an amount that finances a specific project or business goal. They are usually non-returnable and can be paid from many sources, such as the UK government, non-governmental organizations, Business Enterprise, etc. Grants can be associated with a specific activity, business sector or geographical location of our company. This is the case for grants paid by the UK government. Such co-financing may cover up to 60% of the amount provided for in the investment.

Check back for more.

Richard Butler Creagh helps you with your business loans, it's easier than you think. The reason most small business owners don't get financing is that they're looking in the wrong places. Learn more about Richard Butler Creagh here and how he can help you get the capital you need here. Browse  Richard Butler Creagh's complete collection of business, financial news, property tips and more on the Richard Butler Creagh's Pinterest page here. You can also follow Richard Butler Creagh's Facebook page here.

You can also watch Richard Butler Creagh video here 

You Might Also Like

0 comments