Business Loans
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Business Loans
What is Business Loans
As banks become stricter in the lending to small businesses. Cashlink saw a gap to assist small business owners via the networks of their various & diversified lenders .
What is a business loan?
It is a form of a lending given to small enterprises with security or without security.
There are so many forms of business loans, merchant advance, unsecured business loans, secured business loans etc….
Businesses must be at least a year old or more with a minimum annual income of 1million, if less in a sense of minimum income. There could be certain considerations proving growth. To enquire on business loans, please contact our offices for further enquires.
Function of Loans
A business loan is borrowed money that businesses use to cover costs they can’t afford on their own. While some companies use borrowed money to pay for office supplies, inventory, or business projects, some business owners utilize business loans to pay for salaries and wages while their new company is still in the planning stages.
Business owners must ensure that they have a detailed plan for how the money will be used because lenders want to know how the business intends to use the borrowed funds. Being professional is crucial to impressing lenders since otherwise, they can reject your loan application.
Features of Loans
Loans are not provided without charge. As the cost of borrowing the money, lenders charge interest on loans. Knowing whether the interest is fixed or variable is crucial. A fixed interest rate is one that doesn’t change over the course of the loan or its payback period.
A variable interest rate means that the rate may change depending on a number of factors. The payback period (in months or years) and the collateral that the lender will use if the firm is unable to repay the loan on time are other aspects of a loan to be mindful of.