Before taking out a business loan, it’s important to understand the true long term costs and financial commitment involved. Use our handy loan calculator to work out the interest rate and the length of the repayments for the amount you wish to borrow. Genie Lending offers many different types of loans, so give us a call if you have any questions about the calculations.
Why apply for a loan?
There are many reasons why you might need to take out a loan for your business. You may require initial investment capital to get the company off the ground, the money could be used for new equipment or inventory, the business premises may need an upgrade or you might be planning a business expansion. Some small businesses have cashflow issues and need to borrow cash with short notice in order to pay staff and suppliers. Whatever the reason for borrowing, always ensure you can pay it back in the agreed timeframe.
Types of loans
There are many different types of business loans you can apply for, depending on your circumstances and where you’ll be spending the cash.
Business loan – if you want to expand your premises, hire more staff or invest in new products then use the calculator to see the total cost of a business loan.
Commercial mortgage – calculate the cost of a commercial mortgage and see whether you can get a better rate with Genie Lending.
Bridging finance – a special short term loan, which is often used for buying properties at auction or for short term cash flow assistance. Bridging loans rarely have a repayment period greater than 12 months so keep this in mind when calculating the cost above.
Buy to Let funding – if you’re buying your first BTL property or expanding your portfolio, specialist buy to let funding is an alternative to a high street commercial mortgage.
In addition to loans, we also offer a range of alternative finance solutions which may be more suitable:
Invoice factoring – Free up the capital which is currently held up in unpaid invoices
Merchant cash advance – if your business has debit and credit card receipts, you can request an advance up to £500,000 with a merchant cash advance funder.
Peer to peer lending – along with crowdfunding, this type of lending has rocketed in popularity. You will borrow the amount from a number of small investors rather than a financial institution.