Small business loans
Our business loans don’t come with the same stringent restrictions as traditional bank loans, giving you the flexibility you need.
Whether you need funding for stock, refurbishment, marketing, staff, expansion, equipment or just for a boost in cash flow, Boost Capital can help.
About our small business loans
Traditional lenders can make small businesses jump through a lot of hoops in order to get financing. In fact, they make it so hard and time-consuming to get a small business loan that many are forced to let their company go without the funding they need.
At Boost Capital, we understand how tough operating a small business can be.
Together with our corporate group, we’ve been industry leaders for over 16 years, have helped over 22,000 businesses and funded over £1.6 billion across the UK, US and Canada.
With our quick and easy application process, you can get a decision in seconds and the capital you need in as little as two business days.
How to apply
For smart, flexible funding from Boost Capital, just follow these simple steps:
Apply online or give one of our team a call
We’ll ask you simple questions about things like your time in business and annual turnover.
One of our dedicated relationship managers will get in touch straight away
After being approved for funding, your finance can be in your account in as little as two business days
You’ll then be free to spend it on almost any business use.
How to qualify
Our simple application process isn’t the only way we make it easier for small businesses to get the funding they need. Our small business loans are also available to a wider range of companies than would be able to get a loan from traditional lenders.
Where the banks perform a near-forensic analysis of bank statements, filed accounts, trading history and more, we take just a few key factors into account when deciding eligibility.
Possible uses for a business loan
Once you have been approved for and received your Boost Capital business loan, the funds are available for almost any business use. After all, you’re best placed to know what your business needs.
Here are just a few examples of how our customers have used business loans to grow their businesses:
Buying additional stock
for busier periods or to
or to benefit from better terms
when buying in bulk
Paying for a new premises
or covering other relocation
Investing in staff training,
especially if a business
is looking to diversify
Injecting funds into the
business for marketing
purposes and in support
of market growth
Buying or upgrading plant
and machinery to improve
efficiency or to increase
a company’s output
Accounting for and leveraging
against seasonal fluctuations
Smoothing out cashflows,
and in doing so easing the
impact of debtor and line
item payments from the business
Eligibility & criteria
We use the overall health of your business are the main basis for eligibility. To be eligible for a Boost Capital small business loan, you must have:
- Two years or more trading history
- An annual turnover of greater than £70,000
We also perform a personal credit check, but you don’t necessarily need good personal credit in order to apply for one of our business loans. You also don’t need to put up any property or assets as collateral. That means that even if you rent your premises and plant, you could still be eligible for a Boost Capital small business loan. To find out, apply online.
Am I eligible?
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Unlike many traditional lenders, we don’t ask for reams and reams of documentation before we’ll approve your funding. Typically, we only need the following two documents in support of your application:
- Proof of your identity
- Business bank statements from the past three months
Flexible business loans
For many small businesses, flexibility is key when it comes to financing – long-term business loans with rigid repayment terms often aren’t suitable. Our loans are tailored specifically for small businesses, so we keep flexibility at the forefront of our minds.
Once you’ve received your financing, you have the flexibility to use it in almost any way you see fit. And if you need more finance, you can quickly and easily top-up or renew your loan.
Unsecured business loans
Companies in many sectors – especially the retail and hospitality industries – tend not to have many high-value assets. They either rent their premises or don’t generally own valuable machinery or vehicles.
Because of this, they don’t have the kind of assets which many traditional lenders need as security.
Our loans are unsecured, giving businesses like these access to the funding they need.
Main differences between unsecured & secured loans
- Secured loans require you to put up your premises, machinery or other high-value assets as collateral
- The assets put up as collateral for secured loans can be forfeit if you default on your loan
- Unsecured loans don’t require collateral to be put up against the loan, so are a more viable funding option for companies with few high-value assets
- Smaller businesses and companies in industries like retail and hospitality are far more likely to be able to get approved for unsecured loans
As well as needing funds quickly, small businesses often need financing for just a short period of time. You might want to account for a seasonal fluctuation in your turnover or cover a bill that’s due to be paid just before your next big invoice gets settled.
In those circumstances, a short-term financing option is ideal. There’s no need to commit your company to paying off a loan over a number of years if you’ll have the means to do it in a few months.
How long are the terms on a Boost Capital business loan?
The repayment terms for our small business loans are individually tailored to your company’s needs. We customise the terms of your loan to fit your individual cash flow model.
Our business loans are repaid in fixed amounts taken from your business bank account daily, via direct debit. These regular, smaller payment amounts are far more suitable for small businesses than large and inflexible monthly payments. Terms of between four and 18 months are available.
Boost Capital business loans vs loans from traditional lenders
Boost Capital business loans
- Most businesses eligible
- Easy online application
- Typically just two documents needed to support your application
- Funds are free to use as you see fit to support or grow your business
- No assets required for security
- Capital can be available to you in as few as little as two business days
- Repayments customised for your company’s individual cash flow model
Traditional bank loans
- Many businesses turned down based on their industry or other general characteristics
- Long, drawn-out application process
- Lots of supporting documentation needed to be compiled and provided before approval
- Restrictions placed upon the use of funds
- Company assets may have to be used as collateral
- Funds can easily take a number of months to become available
- Rigid, fixed monthly repayments