Short term business loans and commercial finance for SMEs in West Yorkshire and the North East

Business Loans to fund your growth and expansion

Business loans, both secured and unsecured, are used to fund approximately 20% of all small and medium enterprises (SME’s) in the UK.

The majority of UK businesses will require some form of finance to expand or grow their business and yet the bank’s unwillingness to lend money means that many small business owners need to look elsewhere. That is why alternative finance is such an important part of the lending landscape.

We can help you raise finance against assets you currently own enabling you to release much needed cash that can be used to fund your business. A1 Commercial Finance will source the right finance deal for you, prepare the application and then submit it to the various lenders that we have identified can help you.

A short term business loan can often be paid out the same day you apply.

Business Finance can be used:

To fund a range of business types including:

  • Vehicles
  • Industrial machinery
  • IT Hardware & Software
  • Warehouse Equipment
  • Fixtures & Fittings
  • Catering Equipment
  • Beauty Equipment
  • Furniture
  • Office Equipment
  • Gym Equipment

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SME Funding – a short video

An unsecured business loan can be taken out up to £500,000 with absolutely no security required.

A1 Commercial Finance are one of the UK’s most recognised names in business finance and our funding packages for small to medium enterprises (SME) allow even relatively new businesses, to apply for a loan to grow and expand their business.

Because these loans will not be secured against any property, an unsecured business loan is one of the easiest, quickest and most affordable ways to access commercial finance.

As the average loan is around the £50,000 figure, most loans of this type can be paid out the same day you apply which makes them a very quick and viable form of lending.

Unsecured business loan benefits

  • Fast – from initial online enquiry to getting paid out, can all be done in just one day
  • No security – as indicated, these loans are not secured against your home or other property
  • Cost effective – early repayment is encouraged so you won’t find large redemption penalties if you do

Business finance has come a long way in the last few years and yet there are still many small to medium businesses who don’t understand that you can apply for business finance without any need to go to your bank.

Plus the fact that most banks are still not lending money to businesses :;

The Loan

It has fixed repayments over a fixed term like a normal personal loan but with the added benefit 9and flexibility) of topping-up the loan and in case of tight cashflow issues, you can even take a capital repayment holiday possible after just 3 months.

With the average loan taking just 2 days to pay out and an acceptance rate of almost 91%, you have a great chance of getting the right business loans at the right price quickly and without any fuss.

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A Business Cash Advance, sometimes known as a Merchant Cash Advance, can be a great way for a business to raise cash to aid their growth and expansion.

The beauty of this type of loan, as opposed to other types of business finance, is that the company in question can be a fairly new start up.

A lack of trading history is the reason that most businesses get refused for a loan or finance, yet with a business cash advance, you won’t have that problem.

How it works

The business applying for the cash advance must have a card terminal to accept payments.

This can be for a credit or debit card and the reason this is important is because the loan is based against the value of the transactions that go through your terminal.

The lender in question will then offer you a loan based on this value.

There are no fixed payments because you only agree to pay back an agreed percentage of your future credit/debit card transactions and importantly, any cash you take into your business doesn’t come into this calculation.

Of course, the lender will charge a small fee for doing this but there are absolutely no other fees such as legal, arrangement, facility or even survey fees to pay.

The loan isn’t secured against your home or your business and it really is a true unsecured business loan and because of this, your cash could be with you the same day you apply.

Eligibility Criteria for a Business Cash advance

  • You must be trading for a minimum of 3 months
  • Your card terminal must be taking in a minimum of £4,000 per month on credit/debit card transactions
  • There are no restrictions on the type of businesses that can use this facility
  • The maximum loan is £500,000 and the minimum loan you can apply for is just £4,000
  • Current approval /acceptance rates are running at 93%

So how does it work?

Like any other type of loan, each loan application is judged on it’s own individual merits – there is no one size fits all approach (which is a good thing)

Whatever your monthly credit/debit card transactions are each month can be multiplied by 1.5x. So, if your monthly takings are £10,000, you could get a cash advance of up to £15,000.

The lender will add a small fee to the loan /advance to cover their charges and there are n other charges or interest to be added

Repaying the cash advance

The repayment figure is calculated by taking an agreed percentage of future credit/debit card transactions, usually between 5% and 20% on every transaction going through your terminal.

However, by taking such a small amount on each transaction, for most business owners, the repayment of the loan is barely noticeable.

As mentioned, you keep 100% of all your cash earnings.

The most common of these is Invoice Finance. This type of loan arrangement allows you to borrow money against your unpaid invoices. This can work well if you know that you are due for some of your big invoices to be paid to you by your customers in the next few weeks/months but need the cash now.

Some features of invoice finance are:

  • Choose which Invoices you wish to pass on
  • Up to 85% of the amount owing on your invoice up to £500,000
  • Limited Companies,Partnerships and Sole Traders
  • Poor credit can be considered
  • Advance can be rolled forward and increased by additional loan facility

Invoice Factoring

Slightly different to Invoice Finance, this facility provides you with an immediate cash payment against the value of outstanding invoices, not UNPAID invoices.

Again, you can receive up to 85% of the unpaid amounts. The amounts owing on these unpaid invoices are chased and collected by the lender on your behalf and the remaining 15% is paid to you when the invoices have been settled. This can be an almost be used as a form of credit control and this is why Invoice Factoring works so well.

Like invoice finance, you can choose which invoices you refer and which ones you would prefer to deal with yourself.

Invoice Discounting

Exactly the same as Invoice Factoring in that you receive an immediate payment of up to 85% but with invoice discounting, you remain responsible for chasing and collecting the outstanding invoices and you continue to deal direct with your customer – not the lender.

Confidential Invoice Factoring and Discounting

The same scenario as the invoice finance and invoice discounting above but with the major difference that with this confidential arrangement, your customers will be unaware that this is taking place.

This is the ideal scenario if you want to maintain your professional image with your key customers.

All of these invoicing arrangements can be financed through A1 Commercial Finance.