Everything You Need to Know About Loans for Small Businesses

05 Nov 2019

When starting or growing a business, there are various financing options to consider including business loans, grants, equity and more that can be crucial in supporting your business’ development.

Our loans are the perfect financial solution for businesses looking to start up or grow. So if you’re an ambitious Scottish business owner looking for funding, then here’s everything you need to know about the loans available through BLS.

1. How much can I borrow?

Here at BLS our loans start at a minimum of £25,000 and go up to a maximum of £100,000. We are a match funder meaning we will provide up to 50% of the total funding required. The other 50% should be sourced from the private sector through avenues such as bank funding, Owners or Directors input or equity investment.

2. What is the loan term?

We understand that starting or growing a business takes time. That’s why our repayment period is flexible and allows you to repay the loan up to a maximum of 5 years so you can spread the costs accordingly.

3. Is the interest rate fixed?

By choosing to borrow from BLS you can take full advantage of no hidden fees or charges including no set up or early repayment fee. Our loans also come with a fixed interest rate of 6% which gives you peace of mind knowing exactly what to expect when it comes to repayments.

4. Is the loan secured or unsecured?

For existing businesses, loans of up to £50,000 are typically unsecured. If the loan is more than £50,000, then security will be sought by way of a Bond & Floating Charge and/or Personal Charge.

5. Am I eligible to apply?

We support businesses across a range of sectors including manufacturing, construction, software and tourism to name a few. As a small business ourselves, we are passionate about providing a personal touch, that’s why all applications are considered on their own merit. So, even if your business doesn’t fit one of the categories outlined on our website then don’t worry, just give us a call and we’ll be more than happy to discuss your application in more detail to see if we can help. Although please remember, we only support businesses based in Scotland.

6. Why should I choose to borrow from BLS?

We know applying for a loan can be a daunting process. That’s why we strive to provide a personal and hassle free experience for our borrowers where we will be on hand to guide you through the entire process. The development and growth of your business is important to us as we are passionate about watching Scottish SMEs thrive in the current economic climate. If you’re looking to apply for a loan and think BLS is the perfect fit for your business, visit our website today and start the online application process.

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