July 17th, 2017.

Making sense of the huge number of debt finance options and small business loans available to small business owners can feel a bit daunting, however, it’s not that tricky if you prepare properly and ask yourself a few basic questions beforehand. A well-reasoned plan that is credible and preferably endorsed by a reputable external source (your accountant, for instance) is the most important first step.

In order to sort out what might be available to you in the small business loans space, it makes sense to consider the following:

- How much do I need? Does the amount stack up against the purpose and the ability of the business to service it?

- How long will I need it for? Will it be a long-term facility or will it decrease over time?

- What security do I have to offer?

- Am I prepared to give a personal guarantee, and if so what do my personal credit status and asset situation look like?

Nowadays almost all business finance over a certain amount is secured, either personally or by a charge over the business assets. Unsecured lending tends to be for very small amounts and can often be very expensive. One common error that newcomers to business debt make is to believe that personally guaranteed small business loans are unsecured. Clearly, this is....

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