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Where can you get a business guaranteed loan?

A business guaranteed loan is usually reserved for small businesses. You can obtain it from various government sources.

Businesslink.gov.uk

Visit the Business Link website of the UK government in order to see if you are eligible for an Enterprise Finance Guarantee (EFG). EFG is especially designed to provide additional capital for SMEs having a hard time getting its loan application approved due to little or zero security.

You are likely to obtain an EFG if your business has a yearly turnover no more than £25M, whilst you need a loan that’s anything between £1,000 and £1M. You should also be able to pay off your loan in a maximum term of 10 years. Your loan application will also be evaluated based on its purpose.

The Royal Bank of Scotland is one of the approved or designated lenders that has partnered up with the UK Department for Business, Innovation and Skills.

What If You Do Not Qualify?

There are unfortunate instances when even a few SMEs do not qualify for the enterprise finance guarantee from BIS. If so, you still have another option – a payday loan for your business. This type of loan has an extremely high interest rate, but if you are able to pay it off quickly, then it is a risk worth taking.

If it were your first time to apply for a payday loan, it would be ideal if you visit a site like everything-financial.co.uk, as it offers an instant comparison guide. One of its recommended lenders is Wentworth Finance, which offers a business guaranteed loan on the same day and does not require ID and other documents. It can lend you anywhere from £1,000 to £15k.

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