What is commercial finance?
As the name suggests commercial finance are financial products that are designed for businesses to apply for and then utilise as they need.
There are a variety of reasons why a business may find that they need to apply for commercial finance and there are several different types of commercial finance products to choose from.
Secured and unsecured business loans
There are secured business loans, there are unsecured business loans. There are loans that may take a little more time to apply for, as well as those that are designed to be quick and easy to apply for and be approved for.
Commercial finance is similar to personal finance in some ways, they work on the basis that you apply for and become approved for a certain sum of money that is to be borrowed over a number of years.
You will be required to make a payment on this borrowed amount each month and this payment will include interest that is charged.
Over time, making that set payment each month, you will see that the amount that the business owes will decrease and you will end the repayment term having paid everything off.
When might I need commercial finance?
Some businesses will find that they need to apply for commercial finance because they are having a quiet period with a lack of profit. Some businesses may apply for them because they need to buy more stock, they need to expand their business, or they have another need which will benefit their business in the long term.
The important thing to remember when it comes to applying for commercial finance is to find a solution that works for you and our experienced team can help you do just that.
The Funding Store have a panel of lenders that can assist with your search for that right business loan.
Once you have decided what best suits your business needs then why not contact us on 01908 880420 or request a call back at a more convenient time.