Loan For My Business Expansion
- Thread starter Ankit Deshpande
- Start date
Hello Ankit,
Great that you are looking to expand your business!
First of all, where are you from? Different local governments have different initiatives which may be able to help your business. You may even be eligible for a grant. Perhaps try a Google search for local business loans or grants in your area.
Of course there is the obvious option of the banks. Have you applied for a loan from your business bank? These can be difficult to secure, and for a successful application you generally have to input some of your own investment, have a great business plan and show the bank how the money is going to grow your business and provide a return on investment. Here is a good article on securing loans from the bank http://startups.co.uk/turning-a-banks-no-into-a-yes/
Then of course there are alternatives to the bank loan! Would you be willing to accept a partner? Giving away equity in return for investment can be an option to help fund business growth, but of course you must be willing to find an investor who suits your business needs.
Friends & family are another way to find investment, but remember to treat this as a normal business arrangement, with contracts and strict repayment terms.
Take a look at alternative lenders such as https://www.capiota.co.uk/ - they will have different lending criteria from the banks and so you may find it easier to secure a loan from an alterantive, non-high street lender.
Finally, other alternatives include crowdfunding (see what is crowdfunding article here), angel investors, invoice finance, and many more! Research the options and find what finance method is most suitable to you and your business.
I hope this helps!
Mel
Great that you are looking to expand your business!
First of all, where are you from? Different local governments have different initiatives which may be able to help your business. You may even be eligible for a grant. Perhaps try a Google search for local business loans or grants in your area.
Of course there is the obvious option of the banks. Have you applied for a loan from your business bank? These can be difficult to secure, and for a successful application you generally have to input some of your own investment, have a great business plan and show the bank how the money is going to grow your business and provide a return on investment. Here is a good article on securing loans from the bank http://startups.co.uk/turning-a-banks-no-into-a-yes/
Then of course there are alternatives to the bank loan! Would you be willing to accept a partner? Giving away equity in return for investment can be an option to help fund business growth, but of course you must be willing to find an investor who suits your business needs.
Friends & family are another way to find investment, but remember to treat this as a normal business arrangement, with contracts and strict repayment terms.
Take a look at alternative lenders such as https://www.capiota.co.uk/ - they will have different lending criteria from the banks and so you may find it easier to secure a loan from an alterantive, non-high street lender.
Finally, other alternatives include crowdfunding (see what is crowdfunding article here), angel investors, invoice finance, and many more! Research the options and find what finance method is most suitable to you and your business.
I hope this helps!
Mel
Hi Ankit, good luck for your business expansion. As far as business loan is concern I would like to tell you that. All you need to do is little research to find right finance company from where you can take business loan. I will suggest you to check with Reliance Commercial Finance, I know about this finance company as they are best in this as per my knowledge.
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