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When should you get a commercial business loan?
There may be several key moments in the growth and progression of a business when a financial injection is needed. Start-up businesses often need to borrow when buying their initial equipment or funding their premises.
After some time, many businesses look to expand, leading them to look for larger premises or more expensive equipment. Seasonal businesses or those undertaking long projects with staged payments sometimes like to smooth out their cash flow if costs are relatively static during the year.
In addition, there are times that businesses, through no fault of their own, need a bit of financial support through a particularly tough trading period in their industry. A key example of this could be the COVID-19 Pandemic ripping through countless industries and causing countless companies to struggle.
Each business is different and has factors that could play a part in its eligibility for a particular loan. Factors like individual trading circumstances and history affect whether finance is right for you and the amount of finance that is appropriate.
If you do decide either a long-term or short-term loan is a good option, Portman operates as both a lender and broker who work with businesses of all types of credit history. As a result, Portman is best placed to find you the right deal.
