If your business has found funding difficult to obtain you can trust Genie Lending to go to every extent to provide the correct finance quickly, for the result you want. As well as the household names in the industry we have access to proven lending sources who you will not find on the high street.

Our aim is to help UK SME’s obtain funding for all their business requirements, whether that be growth, acquiring premises, paying HMRC liabilities or simply working capital. Genie Lending can assist with complete finance solutions.

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Business loans are becoming particularly hard to acquire from banks and financial institutions, and even if you are accepted the payment terms and interest could be ridiculously expensive. With this in mind, there are lots of reasons to explore the options available but you need to sift through the jargon. Read on to understand the major differences between secured and unsecured business loans, and which would be more appropriate for your situation.

What are Unsecured Business Loans?

What is an unsecured loan? It refers to a loan which is offered without any backing or assets to be recovered. You can borrow money without having to give security on any assets or your home, and is available to anyone with a good enough credit score.

The amount you can borrow will depend on the lender and the personal circumstances of the business wishing to borrow – however it is usually up to the amount of £500,000. An unsecured loan often has a short term but you can receive the cash in under a day. It is worth noting that you may need to make a personal guarantee with this type of loan – so if the business cannot make the repayments you will have to.

What are Secured Business Loans?

A secured loan is a loan which is backed by an asset – usually the equity in a property owned by the borrower. This means that typically only homeowners can take out this type of loan, unless you have large business assets which can be used as security.

You will be able to borrow a lot more money by choosing a secured business loan, however it comes with risk. If you can’t pay back the loan in full, you would have to sell your business assets to repay the debt, or you could even lose your home if you miss the payments.

Which is best for me?

You may not have a choice in which type of business loan you are eligible for – however if you do, your personal circumstances will determine which option is best.

If you are willing to put up your business assets as collateral, then you will be able to borrow more with a secured loan. An advantage of secured loans is that the repayment terms are usually longer, so your monthly payments could be minimal.

However, an unsecured loan is an easy, affordable and fast way to get the cash you need. Find the right lender, and you might not need a perfect credit history. Furthermore, you could be offered flexible repayment terms and won’t be charged for repaying early.

If you need further information about our range of loans, get in touch with our lending experts.

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Location

Firstly, you’ll want to consider physical expansion if the industry allows it. This could be opening a new location, such as a shop or office, or simply expanding the current space you occupy. However if you’re planning on tapping into new markets in a new location, domestic or international, you’ll need to undertake careful research. Just because you’ve achieved success in your current location doesn’t mean it will be automatic in your next endeavour.

Many business owners think of a physical expansion as the first and only way to grow, which isn’t true. It is not always the right path and there are other opportunities to explore, such as franchising the business.

A new location calls for a brand new business plan and financing. Where will you obtain the cash for a brand new store? You’ll need to pay more staff, buy more stock and make up any losses from the new site, so it really does require careful financial planning. Research which kind of loan would suit the business best, including alternative finance solutions in addition to the offerings of high street banks.

Human Resources

One of the fastest ways to grow your company, which many business owners neglect, is through the HR department. And if you haven’t set one up yet, then you can’t even be thinking about new locations! HR can help your workforce become engaged and more productive, helping businesses tap into extra revenue. A good HR strategy can also keep good workers at your company, attract talent and lower recruitment spending.

Sales

The fundamental driving force behind business growth is sales. More sales amounts to more revenue, which allows the business to develop. With this in mind, you should focus foremost on sales and marketing. Make sure all your staff are trained well in sales and customer service, and they are encouraging repeat custom. To find new custom you’ll also need a good marketing strategy, including digital methods such as SEO and social media.

Once your sales increase and you have more clients, then you can focus on making sure you have enough resources to deliver the service – then growth naturally occurs.

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Personal Loan

A personal loan is usually unsecured, and is available from most high street banks. The amount you can borrow will depend on your credit history and many banks will now also check your income to see if you can comfortably afford the repayments. Interest rates on personal loans can be remarkably high, which makes them unsuitable if you only need to borrow a small amount of money, or if you plan on paying it back at a later stage.

If you are thinking of borrowing money to invest in property or a renovation, you may like to consider bridging finance instead. It’s a lot easier to be approved for this type of finance, regardless of your circumstances or credit score – however you do need to own a property and this is offered as security to a lender. This is a short term finance solution available to individuals or limited companies.

Business Loan

As the name suggests, this type of loan is for businesses or entrepreneurs setting up a new business. You could need extra capital to invest in stock or machinery, or perhaps renovate a property or expand. Being approved for a business loan from a bank is becoming more and more difficult, but there are alternative finance options available.

Crowdfunding

Rather than borrow from one strict financial institution (a regular bank) you now have the option to lend money from a group of small investors. This lowers the risk for the lenders as they aren’t lending the full amount alone. To qualify for this type of peer to peer lending, you usually need to own a profitable business with good records, but you can choose from a secured or unsecured loan.

Buy to Let Funding

If the reason you’re looking for finance is to buy a property to let, then there are tailored financial solutions for this situation. A buy to let bank mortgage may not be appropriate, but you could benefit from buy to let funding from premium lenders. This is the same as a long term commercial mortgage, but without the application hassle you’d experience at a high street bank.

Have you found the best loan for your circumstances? Get in touch with our financial experts at Genie Lending who can advise further.

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