Where are Entrepreneurs Borrowing Money for a Business?
Business loans are funds which are provided by a bank, business, individuals or a group to help a business expand or continue its operations. In the past, obtaining a business loan was easy. This was before the global financial crisis of 2008. Many loan companies got out of the borrowing money business. In order to qualify, business owners must get approval based on a credit analysis to receive a loan. The following are banks still in the borrowing money business.
HSBC offers business loans to entrepreneurs. The company offers flexible business loans that enable entrepreneurs to achieve their goals. The company headquarters is in London. As one of the largest financial and banking organizations in the world, HSBC has offices in 87 countries throughout Africa, the United States, Asia-Pacific, the Middle East and Europe.
The company provides free support for writing business plans, conducts business reviews and also provides free consultation on the business ideas you have. HSBC also provide 24/7 support through internet banking. Some of the products and services include business bank accounts, insurance policies and credit card services. Entrepreneurs can borrow small business loans between £1,000 and £25,000. They offer fixed interest rates for the life of the loan. Repayment periods can be between 12 months and 10 years.
Bank of Scotland
Bank of Scotland is ready to offer business loans for business owners to take their business to the next level. Their business loans feature fixed interest loans, choice of capital repayment holidays, and the ability to borrow money starting at £1,000. They offer a repayment method of up to 30 years. For the minimum of £1,000 of funds borrowed, you will be able to choose a fixed rate plan or other variable payment plan that suits your financial status.
Co-operative Financial Services
This company is part of a larger organization called the Co-operative Group. It is a group of businesses in the areas of financial services, insurance and banking. The business focuses on quality service, selling products honestly and commitment to community support. Co-operative Financial Services is committed to a high standard of service. They feature a "Five Star Promise." For customers, that promise can be valuable. If they break their promise or make mistakes, they will correct the issue and pay £25.00 as compensation for their errors. One product is the Business Charge Card. This provides for flexible management of a company's business expenses. Another service is the Business Overdraft. This provides extra cash if your account can't cover a purchase. The two types of loans offered here are fixed and variable rate loans for your business. Both offer the ability to borrow between £2,500 and up to £25,000. These loans have no security deposit that is required and can be payable between 1 and 5 years.
- Flickr: HSBC