Business Loans in Chester

Finding a business loan for small businesses can be challenging, especially if you are an SME with under 2 year’s trading history.

Are you a sole trader or limited company looking for a business loan in Chester?

UK Business Loan are a commercial finance broker who are looking to help local businesses and sole traders in Chester find the right financial products for their particular situation.

According to BLS data; approximately 20% of all newly fledged business ventures fail within the first two years of being operating, 45% fail during the first five years, and 65% during the first 10 years. This means just a quarter of newly formed businesses make it past the 15 years mark.

The key reasons for new businesses failing comes down to mainly cashflow. Commercial finance can be the make or break for businesses in Chester by allowing them to try and grow, purchase now machinery or upgrade on current business operations and business systems.

Typically, a business will need 2-years of trading in order to have access to commercial loans, however, the UK Government does offer grants and loans to businesses under this threshold provided the business owner is happy to take a personal guarantee to secure the finances.

 Lenders will also consider companies formed within 2-years if they are willing to put down collateral against the loan as insurance. For example, you may be asked to back the loan against personal possessions or assets such as your car or your mortgage. This form of lending is called secured commercial finance and we have secured lenders working with us who may be able to advise you.

As UK Business Loan are a Chester-based broker, they want to give back to newly formed local Chester businesses by explaining various types of unsecured and secured business finance options and products that are available so that local business owners can make informed decisions. UK Business Loans also offer free impartial financial advice to businesses and there is no obligation to complete an application for an eligibility check or quote with them once they have provided the free professional advice, and all advice will be done with the interest of the enquiring business or sole trader in mind.

Local businesses rely on footfall but upgrades to technology could help local businesses to expand and move to online service and product offerings.