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How to Qualify for a Small Business Loan

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Date Published: February 3, 2022
Loans for businesses

How to Qualify for a Small Business Loan UK

We’re often asked ‘How can I get a small business loan for my company?’ So, in this 5-minute article, we will take a deeper dive into this common question.

First off, we have to understand if you’re yet to get started on running a business and searching for a start-up business loan, or if you are a pre-existing organization seeking a small business loan.

Those two scenarios may appear similar, yet they are really vastly different, as are the conditions and measures creditors use to decide on if they will give you the money.

Sadly should you be trying to find a personal loan, we are unable to assist you but we know some terrific folks who can. Hamilton Wood and Company can only help existing businesses incorporated at Companies House.

Hamilton Wood & Co. does not supply private personal loans! We only offer business loans.

So, if you are trying to find one, we strongly recommend making contact with The Start-Up Loans Company which could lend up to £25,000 for individuals still at the ‘I’ve had this idea and have created a business plan stage’ or, still within the first 48 months of trading since setting up shop.

If you’re still here reading this article, then we expect you’re an existing business carrying out a little bit of homework in terms of how to get a small business loan, which is one area we can definitely help you achieve.

For all firms, big and small, having a trusted line of credit readily available is important to helping your organization grow.

This is one of the most critical areas of business as being able to borrow money at a fair price helps keep your business ticking over efficiently, without incurring horrific penalties and charges some unscrupulous lenders gloss over.

How to qualify for a small business loan - Photo of a well stocked bar - Hamilton Wood and Company Birmingham London (1)

How to Get a Business Loan

Being able to access flexible loan products can help your business acquire new equipment, pay unexpected bills, buy new kit, or if needed move office.

Among the other questions, we frequently get asked over and over is ‘How can I find the best small business loan’ and this quick post attempts to make clear the commercial finance space a little bit for you, our customers.

This post provides a lot of information you might struggle to get anywhere else so let’s dig in.

If your small business is attempting to get the least expensive small business loan it can, then it seems sensible to undertake a certain amount of prep work and planning during the weeks leading up to when you apply, even though we understand this isn’t always possible.

You should do just a bit of ‘housekeeping’ first, by making absolutely certain all of your current bills and invoices have been settled and are updated.

Ensure that electric bills are paid off and that there has been a healthy inflow of funds into your company bank account.

Affordability is one of the big areas a lender will give attention to in relation to granting the loan or not.

The irony is that individuals who are the best potential customers for loans are frequently those that don’t require a loan, and those who require that loan usually have a more challenging time attempting to secure one.

It’s true, we live in a world of opposites. The main thing a lender needs to be sure of is that the money they lend you will be paid back and that you won’t default.

Credit responsibly utilized may help your small business grow. Credit used unwisely could put it in the ground. Credit is a business tool, nothing more.

How to get a small business loan in the UK - Photo of money growing green shoots like a plant - Hamilton Wood and Company Glasgow Aberdeen (1)

Best Business Loans UK

Credit utilized irresponsibly can send your company on a downward spiral of ‘robbing Peter to pay Paul’ and could ultimately see the business fending off collectors, so choosing your lending partner wisely makes excellent business sense, and we hope we can help you here.

There are lots of offers of ‘fast finance’ or ‘quick business loans’ with some unscrupulous lenders trying to apply the ‘pay-day loan’ model to the business world. Such loans carry vastly inflated APRs and repayment terms. It’s wrong, plain and simple.

Higher APRs for the uninitiated is the total cost of borrowing. The higher it is, the more you will be asked to repay over the term, putting your business at increased risk of default.

Longer-term business loans often come with much lower APRs when compared with short-term company loans and bridging loans however, the rates of interest do differ from lender to lender, broker to broker.

There’s more than just the interest rates that influence the total price of credit.

It is important to keep an eye out for the arrangement or agent fees too.

Some greedy loan merchants will hammer Organizations with excellent Credit with high APRs and high setup fees because they’re attempting to make an easy buck at your expense, which is improper for a whole range of reasons that we are vehemently in opposition to such underhand tactics.

For an organization to get stitched up by unethical loan providers exposes the company to greater professional risk.

If a Business finds themselves paying more for a loan they might have got cheaper someplace else, this can lead to a never-ending cycle of debt that grows increasingly tough to manage.

This will put the Firm at risk of closure, people’s livelihoods at risk, workers facing lay-off and possibly even worse, if a Firm was required to give security for the loan to be accepted by securing against held assets, these can be ‘recovered’ or taken from the business should it default so you can see the real danger some unscrupulous loan companies are exposing firms too.

Bridging Loans UK - Photo of a man accessing affordable business finance - Hamilton Wood and Company Edinburgh Nottingham (1)

How to Apply for a Business Loan

When you get a loan through Hamilton Wood & Company, you can have confidence that we will only deal with lenders we would be happy to use ourselves. We take our obligation to treat you and your company fairly seriously. With us, you’ll get a great deal on a low-fee small business loan.

Our company is committed to treating the customer fairly.

So, where do Hamilton Wood & Company differ and how can we help you get a competitive, reasonably priced business loan?

With Hamilton Wood and Company, we will provide your business with a variety of choices when it comes to looking to borrow.

Our loan arrangement fee is low, our cost of borrowing is competitive. We are on your side to make sure you get a great deal on the loan your business needs.

Hamilton Wood and Co. are here to make sure your company succeeds.

We are your strategic partner to help improve your Company’s Bottom Line.

Things we will ask you for when you apply for a business loan are your:

  • Up-to-date management accounts
  • Personal information
  • Last 3-6 months’ business bank statements
  • Evidence of a minimum of £2000 cash in-flows to the business each month.
  • Last 2 years filed accounts

How Can I get a small business loan - Photo of a pretty business woman applying for a quick business loan - Hamilton Wood and Company London Manchester (1)

Transparency is key here. We get it, occasionally all businesses could find themselves experiencing a little dip in turnover and this is why we are able to take a more balanced look at your business performance over the recent years or at least the last year.

With Hamilton Wood and Co. we are able to provide loans from just £1000 to in excess of £600 million subject to status, conditions and terms.

We provide a range of small business finance products to help your company operate more easily.

To apply for a loan now or perhaps to ask us any questions in relation to a business loan, please get in touch by clicking here.

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