Scaffolding company Loans
This article is written for scaffolding companies in the UK that are looking for a company loan. So let’s take a look at scaffolding company loans.
Leaving aside the obvious family, friends and business contacts, the first place to go is your bank manager. He or she will have an understanding of your business and have an internal system to credit score your account. High Street banks normally charge a reasonable interest rate and a 1% facility fee. Whilst this is a simple route for many scaffolding companies, bank business loans are not always the best solution, that’s assuming they even offer you a loan.
Peer to peer lenders like Funding Circle
There are a number of peer to peer business loan providers in the UK, the largest and best-known being Funding Circle. Often, they will have a cheap headline rate. In reality, when we put business loans their way, the actual rate of interest always seems higher. We send some of our scaffolding company loans to Funding Circle, there is a place in the market for them. All loans will need a personal guarantee, you will also need to provide management accounts and recent bank statements. However, the big sting in the tail is if you want to get more debt into your business at a later date. Contractually, you have to tell Funding Circle first and if you do not, you are technically in default. Speak to WestWon if you wish to apply for a Funding Circle loan, we do have a good success rate of getting an approval.
Other business loan providers
WestWon work with a number of small “unknown” lenders that offer business loans. We are not talking about the loans you will see on the TV suggesting high interest rates. A lot of the loan providers we introduce are divisions of non-High Street banks like Macquarie, Aldermore and Arkle. Others like 1Pm, D&D Leasing, Kingsway and Credit Asset Management are big companies in their own right. Their interest rates to scaffolding companies are fair and they are keen to lend. Dealing with smaller loan companies also makes the underwriting quicker and easier. We will often speak directly to the person who makes the loan decision rather than dealing with computerised credit scoring decisions.
What do you need your scaffolding business loan for?
It may well be you have won a new job and need to buy scaffolding kit. These scaffolding materials will last over three years; hence a loan may not be the best product. We will look at the reason you need the loan and suggest the best product for you. In many instances, it could mean us recommending a lease as opposed to a business loan.
Cheap scaffolding business loans
Carl Redding heads up the scaffolding business loans and leasing division at WestWon. He knows the sector well and can hopefully find you a business loan, quickly and cheaply. Telephone 01494 611 456 for more information.
