Small business loan solutions
Securing finance as a small business is an increasingly tricky task, especially when looking to the traditional sources of this funding such as banks.
Recent reports reveal that SMEs searching for small business loans are subject to high levels of scrutiny and rejection from high street banks. Research has shown that only one in ten SMEs are now able to secure a loan from their bank during their first year of trading, whilst one in six are forced to resort to a high interest, pay-day loan to give their small business a financial boost.
These loans are usually repaid by fixed monthly amounts and are subject to APR, late fees and other charges. This method of repayment doesn’t suit all small businesses: some SMEs may be seasonal businesses, meaning that some months are better than others. During a quieter month small business owners may struggle to pay back the fixed repayment amount.
This is why Liberis provide an alternative solution – a Business Cash Advance, which is a form of unsecured business finance.
Benefits of an unsecured business cash advance
Unsecured Business Finance is often favoured by SMEs as they don’t require that a property or any other asset be used as collateral, allowing small business owners to rest assured that their home is never at risk.
Another benefit is the repayment method for a Liberis unsecured business cash advance. We understand that seasonality can affect the monthly income of smaller businesses, causing the cash flow of some businesses to be tighter than others. Our repayments are based on a percentage of your monthly card takings, meaning the amount you pay changes depending on how much you earn, never leaving you strapped for cash.
Other reasons that our cash advance system is a great finance option for SMEs include:
- One clear cost, agreed upon up front
- You keep 100% of your cash income
- No fixed repayment schedule
- No late payments and no late payment charges
- Repayments mirror your cash flow
- No fees, hidden charges or penalties. Ever.
Need a small business loan?
Try our Business Loan Calculator to help you work out what your monthly repayments will be and over what estimated time period.