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Delancey Street is a premier small business lender, based out of NYC, that has helped broker 100's of millions in business loans. They are a pro, at making sure you get all of your financing needs satisfied.
- Over $200 million in funding secured
- Can handle low risk credit
- Handles all industries
- Handles high risk and low risk loans
Kent Small Business Loans: The Ultimate Guide to Starting and Expanding Your Business
Are you thinking of starting or expanding your small business in Kent? If yes, then you may have a lot of questions about funding options. You need financing to get things off the ground, but where do you turn?
This guide can help you understand the loan options available to small businesses in Kent. We have reviewed some popular options, so you can make an informed decision on what works best for you.
Getting a small business loan is essential if you want to set up or upscale your venture. Access to capital can help provide flexibility to grow or launch new businesses, purchase equipment or cover operational expenses.
Table 1 – Small Business Loan Options in Kent
| Loan Provider | Required Credit Score | Loan Amount Range | Interest Rates | Repayment Period |
|—————–|———————–|——————-|—————-|——————|
| Tide | Good | £1,000 – £500,000 | 1% per month | 6 months to 5 years |
| Funding Circle | Fair | £10,000 – £500,000| 1.9% – 8.9% | 6 months to 5 years |
| PayPal | Good | £1,000 – £150,000 | Starts at 2.5% | 52 weeks |
| iwoca | N/A | £1,000 – £200,000 | 1% – 5% | 12 months |
| Fleximize | Fair | £5,000 – £500,000 | 0.67% – 3.75% | 3 months to 48 months |
Tide Business Loan
Title: Tide Business Loan – Get Quick Finance Now!
Tide is one of the leading alternative financing providers to small businesses in Kent. The provider offers loans from £1,000 to £500,000 with repayment periods between 6 months and 5 years.
With Tide, getting a quick loan is easy; the application process takes only 5 minutes, and you can have your loan approved in two hours. Your loan may be approved only if your credit score meets the minimum requirement set by Tide.
Funding Circle
Title: Funding Circle – The Latest Low Interest Loans!
Funding Circle is a popular online lending platform that provides loans ranging from £10,000 to £500,000 with interest rates from 1.9% to 8.9%. Applicants should maintain an operating business for at least two years and show a healthy credit rating.
PayPal Business Loan
Title: PayPal – Perfect for Small Business Loans
PayPal is an excellent option for small businesses who need short-term working capital. With PayPal, you can borrow up to £150,000 with repayment terms of 52 weeks. This funding option may be a great choice if you’re looking for a fast and easy way to get the capital you need.
Iwoca Business Loan
Title: iwoca Business Loan – Get Your Money Within Minutes
Iwoca is an online lender providing short-term financing solutions to small businesses in Kent. You don’t need a credit score or long-standing trading history to apply for this loan. Iwoca aims to offer a flexible solution for small businesses so that borrowers can repay it over the course of twelve months.
Fleximize Business Loan
Title: Fleximize Business Loan – Unique Financing Solutions
Fleximize’s small business loans are a good option if you need to respond to seasonal changes or unexpected costs. They offer flexible options, such as deferred or reduced repayment schedules, and don’t require justifications for how you’ll use the funds. The fundings range from £5,000 to £500,000.
Things to Consider If You Want to Apply for A Loan
When you’re getting a small business loan, there are a few things that you should keep in mind. Here are some important points:
– Explore Different Options: There are many different types of loans available from the providers mentioned above. Each has its features, benefits and pitfalls so be sure to spend ample time researching.
– Know Your Credit Score: Unless it is iwoca, all lenders mentioned require a healthy credit score. Be prepared for a hard inquiry that is necessary to obtain your credit report.
– Determine What You Need The Loan For: Before applying, make sure to consider your business needs and how the loan can help.
– Create an Income and Expense Analysis : This document will let you know exactly how much money you need per month and help you determine if you can afford payments.
– Make a Business Plan: Lenders want to see a plan on how you intend to use their funds to grow your business- include specifics!
– Review the Repayment Terms: Double check with the provided loan documentation, the proposed rate, repayment schedules, monthly fees, as well as penalty fees and avoidable charges.
Table 2 – Popular Loan Providers in Comparison
| Loan Provider | Pros | Cons |
|——————|——————–|—————————-|
| Tide | Speedy application; discounted fees when borrowing over £250,000 | Strict eligibility criteria where good credit-score is key |
| Funding Circle | Low interest rates compared to other loan providers thanks to P2P lending | A fee of 5% is charged upon successfully receiving loan. |
| PayPal | Weekly automatic repayments deducted directly from your PayPal account | Payback can have unexpected costs due to hefty late-day interest rates. |
| iwoca | Quick Ad-hoc funding options with simple terms and conditions | Only providing up to £200k business loans |
| Fleximize | Allow for customized repayment plans to better suit customers’ needs; Lower interest compared to other lenders | Often not the quickest loan provider especially when quick funds are needed |
Our favorite pick – Fleximize Business Loans whereby customers can have access to unique financing solutions such as deferred and reduced repayment schedules, no additional fees on lending opportunities and immediate responses on applications inquiring £25K or less.{” “}
Conclusion
Getting a small business loan can help provide the flexibility you need to grow your business or start a new venture. The providers mentioned above offer funding options that cover many of the credit-score requirements and are eager to assess your application. While none of them is perfect, it is pivotal to be informed on the respective pros and cons so to end up with the best possible choice for your specific business need.
With slightly older businesses with set plans, Funding Circle loans may be suitable and then there is always PayPal for further quick and cheaper payments collection. However, for companies requiring flexibility granted through customizable repayment plans, Fleximize should be the optimal for their needs. Ultimately, determining what one wants financing for, from where and for how much will be key moving forward.
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