Funding is available for applicants who are seeking start-up finance for new business ventures, customers needing working capital to overcome short-term cash flow shortages as well as more traditional funding requirements such as plant and machinery acquisition and equipment leasing.
Loans are also available for customers who are seeking to purchase an existing business including finance for buying a franchise.
Whilst we have always been in a position to assist business owners looking for larger amounts, the new financing facility is specifically targeted at those businesses needing fast access to smaller amounts and who may have had difficulty due to their credit history.
Applicants who are or have been bankrupt and those who have had or still have outstanding credit defaults are all able to apply for the micro business loans.
The interest rates offered will vary depending on the applicants history and other factors including the ability to offer security against the amount offered.
Unlike the tougher security requirements for traditional business finance through the major banks and other financiers who seek real estate asset backing, the new loan facilities can be offered with minimal security. Acceptable assets for security under the facility include more accessible assets such as stock-in-trade, existing business equipment and machinery or outstanding invoices. Loans are also available against existing business vehicles.
As with all online enquiries at Financial Services Online, the application is assessed for eligibility against the lender's criteria without accessing or recording the enquiry on the enquirer's credit file. The assessment is instant and acceptable applications are immediately referred to the funder who will then discuss the relevant terms and conditions and answer any questions before the customer decides whether they wish to proceed.
SOURCE: Financial Services Online