How can I apply for a Business Loan in London?
ForKredit can help businesses across the capital to find the funding they need to help their business. Business owners can submit an online application for a Business Loan directly from our website.
The simple online application form is quick and easy to complete. A business owner simply needs to provide some basic details and documents about their business, including information about the business owner. Once the application is submitted, the application is assessed to determine whether your business is eligible for a Business Loan.
If successful, the business owner will be contacted with a loan amount. If the business owner chooses to accept the offer, then funds will be transferred into the registered business bank account within 24 hours.
How much money can I get from a Business Loan for a business based in London?
A business in London can potentially qualify for a Business Loan of up to £500,000 if they apply with ForKredit. Business loan amounts may vary depending on the performance of your business. If successful, funding can be transferred to your business within 24 hours.
What makes London such a popular place for businesses?
London is renowned for business, not just in the UK, but globally. Often referred to as the capital of finance, London holds the headquarters of many financial institutions such as HSBC, Barclays, and Lloyds TSB.
Finance is not the only industry that resides in London, the capital city is home to numerous different headquarters of some of the world’s most influential companies. This includes McDonald’s, Vodafone, AstraZeneca, Unilever, and the BBC.
The city itself is rich in history and culture, there is constantly something going on, which makes it such a popular place to work amongst professionals.
Why are so many businesses drawn to London?
London has earned its reputation for being a place where many businesses reside, whether it’s new businesses or some of the world’s most recognisable names – London has proven itself to be a fantastic place for businesses to grow and thrive. With that to consider, we’ve highlighted some of the key reasons why businesses keep being drawn to London.
1) It’s the centre of the financial world: As mentioned, London has the reputation of being the world’s financial hub. With this comes a number of positives, such as many different investment opportunities as well as a skilled workforce drawn to the city. This means it has cultivated an environment which allows businesses to grow and develop among the world’s leading companies.
2) World-leading transport: London is home to one of the most reliable and consistent transport networks in the world. The Tube helps 5 million people travel throughout London each day, whether they’re tourists or commuters on their way to the office, the tube allows people to easily navigate the city. In addition, London is closely connected to a number of different airports such as Heathrow and Gatwick, which allows for businesses to operate internationally.
3) Incredibly business friendly: London’s infrastructure has grown from strength to strength and continues to grow. It provides many different spaces for businesses to operate in, whether it’s a startup looking for a space to develop or the world’s most established business looking to make a footprint.
Should I apply for a Business Loan for my business in London?
Sometimes it is difficult to choose which type of business finance is right for your business. Often it depends on the business need, size of the business, and the industry that your business is in. We’ve put together some reasons why a business might choose to apply for a Business Loan.
1) Assists with cash flow: One of the key reasons any business applies for a Business Loan is that it provides a fast and useful injection of capital into the company. It’s a way to quickly raise capital, whether it’s for buying stock, making improvements, or when relying on an invoice. The quick turnaround of the application process means that businesses can receive funding within 24 hours of accepting their application.
2) Suited for different business sizes: Part of the popularity of a Business Loan is that it allows different size businesses to receive funding. The main stipulation is that the business must earn a certain amount of money via card transaction as this is how the loan is repaid. As long as a business is making a minimum amount of card sales, whether this is via card terminals or online card payments (check the lender’s terms and conditions), most businesses should be able to receive funding.
How Business Loans Work in London
The high growth rate of startups and SMEs in London fuels a strong demand for external funding. Unfortunately, smaller businesses often face challenges in securing finance from traditional banks, leading many to seek alternative funding solutions.
Eligibility for an SME Loan in London
To be eligible for an SME Loan, businesses must meet certain criteria:
- You must be a UK limited company or limited partnership.
- It must have been trading for more than 6 months.
- The business should have a minimum monthly turnover of £10,000.
- A director with a UK address is required.
Applying for Business Finance in London
Steps to Ensure a Successful Loan Application
Business loans are essential for various purposes, including growth and operational support. For Kredit offers loans ranging from £1,000 to £500,000 with flexible repayment terms up to 3 years.
How to Apply for Business Loans in London
- Complete the Online Application: Provide personal and business information, including the desired funding amount and its intended use.
- Match with a Lender: Shortly after applying, you will be matched with a suitable lender and receive their terms of agreement.
- Loan Agreement and Funding: Once you agree to the terms and sign the contract, the loan amount will be transferred to your account within 24 hours.