Partner Blog: How to get funding for your business
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In our previous blog post, we explored how small business owners can get access to alternative funding to grow their business. Today, we wanted to share some of the most common questions that we get asked by our customers.
At Funding Options by Tide, we’re one of the largest credit marketplaces in the UK.
Over the last 10 years, we’ve helped over 17,000 UK small business owners to access the right funding solutions that they need to grow on their own terms.
How long does it take to get business finance?
Alternative funders are significantly quicker than the high street banks. Most lenders will be able to make their decision in just 48 hours, as long as you’ve provided them with the required information and documents.
How much could I be approved for?
Many different factors affect how much you can get approved for when applying for a business loan, and each provider has their own process for determining eligibility.
However, as a general rule of thumb, the maximum most providers will lend is about 10-30% of your annual turnover. It’s important to remember that while lenders may approve you for financing, it’s your responsibility not to borrow more than you can potentially afford.
Does applying for finance affect my credit score?
The majority of lenders on our panel will run credit checks on you as a Director in the business, as well as a separate business credit check. These are generally ‘soft checks’ which do not have an impact on your overall credit file, but will be visible to other lenders if you apply to many providers at the same time.
In summary, you should be able to apply and see what you are approved for without any impact to your credit.
What is a personal guarantee and why do lenders ask for them?
A personal guarantee is an agreement between you and a lender that you’re personally responsible for the loan or line of credit if your business defaults on payments. Lenders sometimes ask you to give a personal guarantee as additional security, which means they can pursue you personally if your business defaults.
Does it cost to apply for business financing?
Generally, lenders will not charge you to apply; however, they may charge what is called an ‘arrangement fee’ if you decide to proceed with a finance product. These fees will always be clearly disclosed to you.
Accessing business funding doesn’t have to be complicated. If you think your business could benefit from some kind of financing but don’t quite know where to start, consider speaking to us. At Funding Options by Tide, we’ll take the time to understand your unique business situation, as well as enabling you to continue focusing on your business while we apply to providers on your behalf.
You can apply for funding via Funding Options by Tide by accessing Caroola’s MyMarketplace.
Partnerships Lead at Funding Options by Tide
