Every business requires financial assistance as some stage. Whether for setting up a business, planning for growth, or investing in marking, employment, and inventory, receiving business finance is a natural component of any commercial organisation.
In fact, business loans are so commonplace that itbs possible to get financing from several organisations, with a range of business finance options available for every type of business.
Thinking about applying for business finance? Check out the different types of loans available to see what your options are:
Unsecured Business Loans
An unsecured business loan is provided to businesses that donbt have any assets as security against the loan. Amounts available vary but are generally between B#1,000 and B#100,000, and the unsecured nature of the loan makes them good for start-ups that donbt have much capital.
Secured Business Loans
A secured business loan backed by equity of a particular asset owned by the business, such as property or large capital. As these loans provide an asset as collateral, the amounts available are usually higher than unsecured loans.
Failure to pay back the loan as agreed sees the lender take control of the asset, which they can then sell to cover the costs of the loan.
Commercial Mortgage
A commercial mortgage is massive sized business loan often used for buying commercial property, extending commercial property or purchasing an entire business. Due to the higher amounts available to borrow in this loan, borrowers must pay a much higher deposit, typically starting at around 25% of the total mortgage.
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