What is a secured business loan?

A secured business loan allows you to use an asset, or the total value of multiple assets, as security against the amount you borrow. The lender uses your asset as a form of guarantee and is therefore able to offer better repayment terms than you'd find with an unsecured loan.

What is an unsecured business loan?

An unsecured loan allows you to borrow without giving security on any business assets, such as property or equipment. They're a quick and easy way to get an affordable cash injection for your business.

What can I use a business loan for?

A business loan can be used to fund most business related purposes, including funding the purchase of premises for your business, to help you buy stock, or to cover ongoing running costs. Some other common purposes include:

• Working capital/cashflow

• Recruitment costs

• Investing in technology

• Purchasing new equipment

• Business property renovations

• Business acquisitions (MBO/MBI)

• Paying a VAT bill

• Consolidate existing borrowing

Who can apply for a business loan?

Business finance isn’t one size fits all, and with so many products in the market, there is usually a solution for every business.

There is no set rule for eligibility. Generally, a lender would like to see at least one set of filed accounts so they can understand your trading history.

To check if you are eligible for a business loan, the best place to start is by speaking with a commercial finance broker who can advise on the best option for your business.

How do I apply for a business loan?

With so many lenders and products in the market, it can be hard to know where to start when applying for business finance.

By engaging a business loan broker, you only have to provide your information once, and they can use their expertise to match you with the best product and lender for your business needs.

You can apply for a business loan via Grange Business finance here, and one of our team will be in touch as soon as possible.

What if I have already been declined for a business loan?

Quite often, the first place a business will go when looking for funding is their bank. When the bank says no, where do you go?

We work with over 100 lenders, so even if your bank has declined your application, we may be able to source you finance from an alternative lender.

If a business loan is not right for your business, there are several other finance products that could be a better fit, including asset finance, invoice finance or a merchant cash advance. We will work with you to find a solution that truly works for your business.