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Available loans for business in the UK?

HBG Advisory > Available loans for business in the UK?

Author: NOVEMBER 21, 2020 JOHN WALLER 

2020 has been an extraordinary year for UK businesses. Under the instruction of Rishi Sunak, the former Chancellor of the Exchequers, the government set out a series of support to help bolster the UK economy over the pandemic. Many companies, though not all, have utilised loans titled CBILS and Bounce Back Loans. However, subject to the pandemic downturn and the UK economy refloating. Additional working capital will be required, provided companies do not fail.

We list some available financial loans for ease of use. However, we do comment that the list is not exhaustive.

However, an established or even new business needs extra money for various reasons, such as:

  • A downturn in the industry;
  • An unplanned accident;
  • Normal business variation;
  • Launching a new marketing campaign;
  • General development;
  • Superseding equipment, with a later cost-efficient item of plant.

Types of finance, therefore, to consider

Other than those provided during the Coronavirus COVID-19 Pandemic, the options to consider remain:

  • Accounts Receivable; 
  • Aircraft Financing & Leasing:
    • Capital lease;
    • Operating lease;
    • Secured loan. 
  • Asset-Based; 
  • Capital Equipment Financing & Equipment Finance;
  • Commercial Financing;
  • Commercial Property;
  • Equipment Leasing;
  • Equipment Lines of Credit;
  • Factoring;
  • Inventory Financing;
  • Invoice Financing;
  • Lines of Credit (Business and Commercial);
  • Merchant Cash Advance (MCA);
  • Recourse Factoring;
  • Small Business Lending;
  • Startup Business Loans;
  • Term Loans;
  • Unsecured Working Capital Loans;

Therefore, various types of business finance options exist. Many more forms of loans exist than those listed above. However, the above are the main ways of funding a business. Therefore, each selection helps companies get a type of financing that fits their requirements. 

However, while UK businesses are in the second lockdown, viable companies must consult with their accountants and financiers to ensure they can grow again. Once the pandemic is over, cash will be limited. As of the time of writing, corporate insolvency has not surged. Will that surge happen? Nobody knows, hopefully, though, that the economy will be sustainable.

However, many directors are concerned about the first tranche of Bounce Back Loans, as the pandemic has entered a second lockdown. For further information, view Liquidation and Bounce Back Loans.