When businessman wants to borrow money to open a business, they look for local banks and some are too expensive or turned down. “Small, risk-prone businesses can basically forget about getting loans from banks,’’ whose small business is new and no track records. “Their loans are either unavailable or way too expensive, despite the recent interest-rate cuts by the central bank.”
The small business owner struggle to obtain additional loan, even how the government’s efforts to boost economic growth by easing monetary policy, including two cuts to borrowing costs since November, are falling short.
Quick loan available with good track record, the most of the cheaper loan is going to be inefficient to run businesses. Some companies use the additional funds largely to refinance old debt rather than make fresh investments. Many finance companies provides extra loan to private small and midsize companies at fairly higher interest rates.
Business loans up to £25,000 by Barclays
- A quick, straightforward way to get extra business finance
- Match your loan requirements to your business plans
- No early repayment fee – so you can pay back your loan at any time without penalty