![]() With invoice finance, you can capitalise on untapped assets on your balance sheet. It’s also known as invoice discounting and factoring. Invoice finance allows a business to use its invoices and accounts receivable as security for funding. Learn more about business loans, credit cards and overdrafts and whether they’re suitable for your business Community Development Finance Institutions (CDFIs)įor overdrafts and credit cards, you’ll need an existing business bank account with the lender.There are different types of business loan providers in the UK. Where can I get a business loan, credit card or overdraft? Some lenders, such as Community Development Finance Institutions (CDFIs), will consider business loan applications from businesses with limited assets, trading histories or track records. who can demonstrate their ability to repay the loan.Typically, however, they like businesses: Who is eligible?Įach lender will have their own eligibility criteria. ![]() Generally, applications are fast and eligibility criteria clear, so if your business is looking for funds quickly, these options may be worth exploring. Who are business loans, credit cards and overdrafts suited to?īusiness loans, credit cards and overdrafts are typically used for short-term access to funds and can help businesses manage cashflow. ![]() Interest is charged on the overdrawn balance, which you can repay as and when your cashflow allows.Īn overdraft essentially increases the money available to you. What is an overdraft?Īn overdraft is a line of credit that allows you to withdraw more than the funds you have available. What is a credit card?Ī credit card allows businesses to make purchases and payments using a line of pre-agreed credit. The borrower must then pay that amount back, with interest, over an agreed period. What is a business loan?Ī business loan is when a lender provides money to a borrower. Business loans, credit cards and overdrafts are some of the most common forms of debt finance used by UK businesses. ![]()
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