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Where to go for a small business loan

Looking to grow your business? Or just need a little extra working capital to keep your business moving? 

Our small business loans are available between £5,000 – £500,000 for almost any purpose.

We’re not a bank. Our lending criteria is different, and we look at more than just your credit profile.

Check your eligibility online in just two minutes, with no impact on your credit score, and you could receive your funds in as little as 24 hours.

How does the business loan work?

Unlike a traditional loan, Capify’s is paid back in very small amounts regularly. The repayments are completely automated so you don’t need to do anything. Many business owners love our regular payments, because they don’t have to save a large amount by a fixed date each month.

To be eligible for a business loan, you'll need to:

  • Turnover >£10,000 per month
  • Have at least 12 months’ trading records

The benefits of a Capify business loan

  • Raise from £5,000 - £500,000
  • Pay back little and often
  • No monthly lump sum
  • Opportunity to raise more funds

Finding a loan for your small business

Small business loans are ideal for expanding a company or resolving unexpected operational issues, but knowing where to go to the right loan can be difficult. The sheer number of lenders purporting to provide small business loans means you could spend a long time searching for the right loan provider. With the right help, however, you can streamline the process and make sure you get the loan that’s right your business.

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Who offers small business loans?

Banks, Building Societies and Credit Unions

If you need a loan, heading to a high street lender might seem like the obvious option. However, traditional loan providers can have stringent criteria and many small businesses simply don’t qualify for loans from these types of providers.

 

Government

With various schemes available, it is sometimes possible to secure a small business loan or grant from the government or a government-affiliated organisation. Of course, these can be hard to come by and there are often specific guidelines which you’ll need to follow, such as operating in a particular industry or in a specific geographical location.

 

Comparison Sites

As there are so many loan providers out there, a comparison site might seem like the obvious way to sift through them. Indeed, a comparison site can make it easier to identify which loans might be right for your business but there are some downsides. Comparison sites don’t feature all lenders, so you could miss out on a great deal and low rates simply because the lender doesn’t feature on the comparison site you’ve chosen.

 

Loan Brokers

A good loan broker has extensive knowledge of the financial markets and should be able to identify lenders and particular loans which meet the needs of your business. However, brokers are sometimes associated with particular lenders so it’s important to find an independent broker if you want an objective and unbiased opinion. Furthermore, you will pay a broker to find or place a loan for you so this is an added expense you’ll need to take into account.

 

Direct Lenders

A direct lender is a loan provider who issues the funds to you once your application has been approved. Unlike a comparison site or broker, going to a direct lender allows you to discuss your needs in detail and see if they offer a financial product which is suitable for your needs. Often, liaising with a lender directly gives you access to their best deals and it can be done online, on the phone or in person, depending on the lender’s location.

Where to go if you have poor or bad credit?

When you apply for a small business loan, the lender will want to know a little more about your business before they’ll approve your application. Similarly, if you’re putting up personal collateral to secure the loan, your credit history may be relevant.

Unfortunately, bad credit history can make it difficult to obtain a loan from traditional sources, such as a bank or building society. With an alternative lender, however, you can still secure finance with great repayment terms. At Capify, for example, we have a range of products suited to companies and individuals with limited or below average credit histories.

 

Where do you go if you’ve been trading for less than two years?

Many lenders will only supply loans to businesses which have been trading for two years or more, but this is no good for newer businesses. At Capify we understand that new businesses can need finance in the early days and we ensure you can get it. Providing you’ve been operational for just six months, we can offer you small business finance. 

Where to go with your business idea or start-up?

Crowdfunding, angel investors and government grants are ideal for start-ups and budding business ideas. Once you’ve got your business off the ground and you’re ready to expand, Capify can provide a range of financial products to help you achieve your objectives.

Where to go if you’ve been refused credit before?

Being refused a loan can be demoralising and disheartening but there’s no need to abandon your plans just yet. Alternative lenders, such as Capify, pride themselves on being able to assist businesses who may not be able to secure funding elsewhere. If you’ve been refused credit before, why not try our quick quote tool and find out if we can help?

Where to go if you take card payments?

If your business takes card payments, Capify may have the ideal financial product for your company. Our Merchant Cash Advance is a financial solution specifically aimed at businesses who accept credit or debit card payments. You can access working capital between £5,000-£500,000 but you won’t need to make fixed daily payments, meaning your repayment plan will be linked to your business performance.

Merchant Cash Advance works alongside your existing cash flow by taking a small percentage of your credit and debit card payments throughout the term of your payback period. On busier days when you take more payments, you’ll pay back more of your loan but in quieter periods you’ll make smaller repayments in accordance with the number of card payments you’ve processed that day.

As an alternative financial product, Merchant Cash Advance is a supremely flexible type of loan and is ideally suited to small businesses which routinely accept credit and debit card payments.

 

Where to go if you don’t take card payments?

If your business doesn’t accept card payments there are other alternatives available. Our small business loans make it easy to access the finance you need and our regular repayment options make it easy for you to repay your loan in a way that works for your business.

 

Where to go if you’re a female entrepreneur?

There are plenty of schemes designed to encourage female entrepreneurs to start their own businesses and you may find grants and government loans specifically designed for businesswomen. Of course, Capify is committed to helping all entrepreneurs achieve their potential so we’re always happy to hear from up and coming female business owners.

Business loans for your business type

Getting industry-specific advice is a great idea if you’re a business owner or manager. There may be some issues which are particularly relevant to your organisation or the sector in which you operate, and identifying them can increase the success of your business.

Similarly, there are some financing options which may be available to companies operating in certain industries or within certain parameters. If your business focuses on reducing plastic consumption and producing eco-friendly packaging, for example, you may want to look out for grants and loans available to environmentally-friendly businesses.

At Capify we understand that every business is different and we’re mindful of industry-specific issues which may affect the way you operate. With flexible repayment terms to suit seasonal businesses and regular repayment terms for year-round operations, for example, we can help you to find the right loan for your company.

How much do you want to raise?

When it comes to financing a business, the sky really is the limit. Depending on your existing business functions and your business plan, you could borrow millions from some lenders if you needed to. With loans available from £3,500 – £500,000, Capify ensures you can obtain the finance you need to achieve your business goals.

 

Where to go if you take card payments?

Planning your repayment strategy is key to obtaining financing successfully. Instead of struggling to make repayments or overextending the business, choose your repayment terms regularly. Although many lenders offer small business loans with repayment plans lasting years, Capify’s flexible repayment plans are usually 12 months or less.

With plenty of financing options available, we can help you find the right type of loan for your business. To secure a small business loan now or to find out how much you could borrow, why not try our quick quote tool?

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