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Not all business loans are created equal, so it’s important to choose the financing option that offers the best fit for your business and its unique circumstances. We compare finance options from a variety of lenders to help make sure you get the right finance solution for your business.
Asset Finance solutions allow your business to free up capital to help accelerate business growth. We offer competitive funding packages, Hire Purchase, Asset Purchase or Refinance, and everything in between.
A Bridging Loan is a short term funding option, mainly used on development and property projects, but can also be utilised for business loan purposes. Due to it being short term, interest is quoted on a monthly rate.
Like a residential mortgage, a commercial mortgage is a long-term loan used to help fund the purchase of a business property. Lending is usually offered for 70-75% of the total property value, with repayment periods of between five and 25 years.
An unsecured business loan offers access to funds without the need to put up any assets, equipment or property as security. Like any unsecured loan, the chance of acceptance and the terms of the loan will be based upon your business’ credit score.
Working capital is the money available to fund a company’s day-to-day operations. While business loans are often taken out to fund long-term assets or investments, a working capital loan is used to help fund the everyday running of your business.
The coronavirus pandemic has caused financial problems for businesses of all sizes across all industries, but we can help get your business back on track with funding from the government-backed Coronavirus Business Interruption Loan Scheme (CBILS).
*As a mortgage is secured against your home or other property, it could be repossessed if you do not keep up the mortgage repayments. Think carefully before securing other debts against your home. Think Business Finance Limited act as a Commercial Finance Credit Broker and not a Lender.
Designed to offer financial support for all viable small businesses affected by Covid-19, CBILS provides access to loans, overdrafts, invoice finance and asset finance via government-backed funding.
This isn’t a grant, which means you will have to pay back anything you borrow, including interest, and it’s banks and other lenders that provide the cash and set the lending conditions, not the government.
But the fact that CBILS is government-backed means that the government will reimburse the lender for 80% of loan value, if you default on it. This offers an extra level of security to lenders, which should encourage them to lend when they might not otherwise.
Even so, your business will still have the option of a non-CBILS business loan, and you even might find that the terms on a standard loan are actually better, depending upon your circumstances.
There are three options available to any business looking to apply for a CBILS loan.
Any business looking to apply for a CBILS loan is encouraged to do so via their existing business bank, but you can apply to any participating lender.
Although you might have greater peace of mind in dealing directly with your bank or with an established lender, applications can take up to three weeks and you still might be rejected.
This means you’d then have to reapply to another lender, which will take even more time and could have a negative effect on your credit score.
Bionic’s tech-enabled team will compare the financing options on offer from a range of CBILS lenders with whom we have relationships. This includes high street banks and alternative lenders, so there’ll be an option to suit your business.
We’ll also run a free eligibility check that won’t affect your credit score, so you’ll know whether or not to carry on with the application. If so, we’ll also help you put your application together to help make the process as quick and efficient as possible.
Another option is to pay your accountant to compare what’s on offer from a range of CBILS lenders.
Although your accountant will then manage any applications on your behalf, the application process can be long and drawn out, meaning the fees they charge will quickly rack up - not least because the process can take around three weeks and involve lots of paperwork.
And you’ll not benefit from a risk-free eligibility check, meaning any rejected applications could negatively affect your credit score.
Before you apply for a CBILS loan with Bionic, we’ll run a free eligibility check to give you an idea of whether you should proceed with the application. This initial decision isn’t a guarantee that your application will be accepted and all lenders will run a full credit check before making a final decision on whether to lend to you, which will be recorded on your credit file.
Using our eligibility checker before applying means you can find out if you’re likely to be accepted, without making a full application that could impact your credit score. If you find that you’re not eligible, you can then look at alternative business finance options. This will save you the time it takes to go through the CBILS application process, and save you the risk of having a rejected application on your credit file, which could further affect your ability to get credit.Get started