If your business requires short-term funding, then you usually don’t have time to waste. You won’t have the luxury of being able to approach each and every possible lender to find out where you might be able to source the right finance.
Short-term finance are business (or sometimes individual) loans, used to finance your business over a short time period (typically from 3 months to 1 year). Short-term loans are instant cash boosts which can help businesses in need of working capital and do not compromise the business’ day to day operations.
One of the key features of any short-term loan is that they are usually approved quickly. The criteria can be less stringent since the payment terms are shorter. The payment terms for short term loans are flexible and can usually be done daily, weekly, monthly, or in one lump sum at the end of the term.
Business can benefit from short-term loans to cover costs such as incorporation fees, inventory purchase, expansions, business emergencies, advertising costs, covering damage deposits, recruitment or training of staff and monthly bills.
Some of the disadvantages include smaller loan amounts and higher interest rates.
Many small businesses are not always aware of the different options that could be available to them, and therefore can miss out on finding the right finance simply because of this information gap.
Applying for finance can be really confusing and therefore it is important to have someone you trust working on your side. Having a broker can help you navigate the process more easily, and there are different hurdles that having a broker can help you overcome.
Luckily, you have come to the right place if you are looking for assistance, visit www.asc.co.uk/contact-us to find out more.
