Business Loans

A business loan can give you the money you need to grow or sustain your business

Key Benefits

Funds can be used to grow your business
Allows you to protect your business during a temporary cash shortfall without resorting to a bailout
Can be paid off early - helping you save on interest rates
Does not always require you to have a security
The interest rate charged will depend on the risk to the bank

Some Reminders

As with applying for any loan, it’s important to do your due diligence when applying for a business loan.

Before applying for one, ask yourself these following questions first:

Why do I need this money for my business?
Can I afford to trim down my business expenses instead?
Will I be able to meet my repayments even during slower months?

If you do decide to apply for a business loan, keep these questions in mind:

What types of business loans am I eligible for?
How much will this business loan affect my personal finances?
Can I afford to go for a shorter term?

How do business loans work?

Business loans usually come with a floating rate. This allows you to make extra repayments whenever it suits you - without any additional charge. However, it’s important to remember that a floating rate can go up or down depending on the market. This can make budgeting for your repayments and expenses a bit more difficult.