A business loan works by lending a lump sum of money from a business loans provider, such as a loans platform or a bank, to a business.
This money is then used for business purposes to help grow the business or to support the business financially. The business then repays the loan with added interest over an agreed period, and this agreement is known as loan terms.
Business loans can be short term (durations of up to 24 months), or long term (durations of 3 years or longer). Secured business loans require you to put up collateral, which the lender will take possession of should you fail to meet repayments. Unsecured business loans do not require collateral and are easier to obtain. However, unsecured loans may come with higher interest rates.
A GGGlobal business loan can be arranged without having to use business assets as security. We also provide fixed interest rates which means your monthly repayments will always stay the same to help simplify your business finances.
To be eligible to apply for a loan with us, you need to:
Have a minimum of 2 years’ trading history
New startup companies are handled on a case by case basis.
Business is trading in the UK
Loan is for business purposes (ie. working capital or investment, and to support trading in the UK)
If your business is outside of the UK please contact us as we may be able to assist.
After you have completed our online form, you’ll need to send a few documents to finish your application. We may require:
Business bank statements for up to the last eight months
They must show:
The Account name and (where possible) the registered address. These must match the business you create the loan application for.
The sort code and account number.
All daily transactions.
Latest full unabbreviated accounts
This must include:
Profit and loss
Detailed profit and loss
Balance sheet information
If you’re approved for a GGGlobal business loan, a personal guarantee may be required.
If you have been refused a business loan in the past there are a few steps you can consider before you apply for another loan:
Review your financials
Improve your credit score
Address any outstanding debts
Once you’ve taken these steps you may be in a better position to reapply for a small business loan again.
However whatever your curcumstances we are always willing to assist or advise the best way forward for your company.
We want to help as many businesses as we can get access to finance, and approve thousands of loans every year. To make it easier for business owners, we’ve made applying for a small business loan fast and hassle-free. You can apply for business lending online
Please Note: A GGGlobal Business loan involves lending to small and medium sized businesses; we cannot offer loans to private individuals.