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What is a small business loan?
A small business loan is a loan for your small business where an injection of money designed to help small businesses cover expenses, manage cash flow, or invest in growth opportunities. It is a fast, convenient way to secure finances for your small business.
These loans can be used for a wide range of purposes, from purchasing inventory and equipment to expanding your location, hiring staff, or boosting cash flow.
How much could I borrow with a small business loan?
At Approved, a small business loan can range from anywhere between £20,000 for shorter term loans, to £100,000 for longer term growth and investments.
Sums even higher of £100,000 can be obtained from some venders, but this is dependent on your business's needs, financial health, credit history, and the lender's criteria.
Small business loans are usually repaid over a short period of time, typically anytime between six months and three years.
How does a small business loan work?
Small business loans are a practical solution for small businesses looking to finance their growth, improve cash flow, and achieve longer term goals.
Flexible repayment times: available as term loans, and short-term loans to cover quicker projects.
Available to businesses with limited credit history: can be eligible if they meet the right criteria per lender.
Quick and easy funding to help you start your projects and grow your business.
Competitive interest rates: we work to find you the best interest rates on your small business loan, helping to keep monthly repayments down.
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Is your business eligible?
In most cases, to be eligible to apply for small business loan through Approved, your business needs to:
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Have a trading history of least 12 months
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Be a limited company, registered as a sole trader in the UK, or a limited liability partnership (LLP)
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Sign a personal guarantee
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Specific types of loans and associated rates can differ based on various factors, including:
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Credit history
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Business financials & revenue
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Deposit amount
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Type of business structure
Is a small business loan right for me?
Could be right if:
Might not be right if:
You need an injection of funds to grown and expand your business.
You have a clear strategy for how the funds will help grow your business.
You need help to manage cash flow, cover short-term expenses, or take on new projects.
You have been declined on a recent business loan.
You will not be able to manage and upkeep regular repayments.
Your company is eligible for grants or your business plans are eligible for research funding instead.
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Small business funding with Approved
Discover our streamlined process for securing tailored financial solutions. We keep our business finance options transparent, with no hidden fees or unpleasant surprises. This is business finance made easy. Our no-obligation application won't impact your credit score.
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Fast Application In Seconds
Share basic information about you, your business and finance requirements by applying online or calling.
02
Understanding Your Business
A dedicated account manager will discuss your requirements and gather necessary documentation.
03
Receive Your Free Quote
We'll discover the best deals, handle applications for you, and provide a quote with no obligations.
04
Get Your Funds Fast
Once approved, we'll get funds to your preferred business bank account or pay a supplier on your behalf.
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Your questions answered
Do I need a credit history?
No! Whilst a credit history can help in some cases, it is not essential to get a small business loan. Most lenders will look at your business performance, cash flow, and trading history to help determine whether you are eligible for a business loan.
Will applying for a small business loan affect my credit score?
Most lenders will perform a soft credit check as part of the eligibility checks, which will not affect your credit score. A hard credit check may occur if you proceed with the application.
Can I repay my loan early?
Some lenders allow you to repay your small business loan early without penalties, but not all of them will. It's important to check the conditions of your loan.
Is a small business loan a secured or unsecured loan?
A small business loan can be either a secured or unsecured loan. If you're looking for a loan without collateral, then you will want to opt for an unsecured loan.
Other Approved Finance Services For You
We understand the complexities of business finance and have the expertise to secure funding for your next venture, whether it's working capital, equipment purchases, or expansion projects. With market-leading business finance products and best-in-class rates, Approved is ideally positioned to deliver your funding solution.
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