There are different types of loans for businesses, just as there are for individuals. Unsecured loans are more difficult to access, as the name suggests the lender has no security if you fail to make repayments. A secured loan means you are providing an asset which the lender can take possession of if you fail to make repayments. This may be your house if you're a sole trader or a business asset.
You will pay interest on any loan you take out and you must make sure your business can afford to make the total repayments.
Lenders will usually ask for a business plan and cashflow forecast before lending to businesses, our advisors can help you write these documents.
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Cumbria Business Growth Hub, Broadacre House, 16-20 Lowther Street, Carlisle, Cumbria, CA3 8DA. T. 0844 257 84 50 E email@example.com
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