Start Up Companies Looking For Funding
Finance, business loans and leasing for new start companies in the UK
In this article we look specifically at how we can arrange leasing and business loans for your new start company.
What is leasing for new start companies?
Many start up companies looking for funding consider leasing as an option. Leasing is a way to pay for assets in your business. It might be car leasing, computer finance, telephone system or office furniture leasing. Alternatively, you might need to lease gym equipment or fit out a shop, bar or restaurant.
In general terms, if it has a plug on it or leaks oil it can be funded. If the asset is used in your business, costs over £1,000 and has a useful life expectancy of over a year, again, it can be funded by a lease.
Leasing is popular for new start companies
We speak to new start up companies looking for funding on a daily basis with regards to equipment leasing and loans. Leasing allows you to spread the cost of an asset over its useful life. You get the benefit of the equipment today, with only having to make a small deposit up front. You can keep your own money, a bank overdraft or other external funding for the working capital requirements of your business.
How does leasing for new start companies work?
- You choose the vehicle or equipment you are looking for
- You make the decision on what company is to supply this equipment
- We give you a leasing quote based on the capital value and term in years you are looking at
- You sign the lease agreement, we pay your supplier directly
- You use the equipment and pay a monthly rental to our finance company
How quick can you organise a lease for my new start company?
Normally it takes about two to three days to get a credit acceptance. We can then email the paperwork to you, hence the overall time from start to finish is under a week.
What information does your leasing company need?
We will have access to very little information on your company in the public domain, hence we will need to rely on you for more details.
- Home address, date of birth, permission to search you
- Personal net worth statement. (In effect, our security is you, not the business or the asset)
- Company name, business plan, website domain name
- A short CV or info on what you have done in the past
- Budgets or any other financial information you have
Equipment and car leasing for a non-home owner
Finance companies like to lend to homeowners for two key reasons:
- Normally there is some form of equity they can call on in event of a default
- It shows stability
We can organise leasing for non-home owners – within reason.
Are personal guarantees needed for leasing for new start companies?
Yes, nearly always.
If your company is new start but you have another successful company trading a number of years, then a personal guarantee will not be needed.
However, brand new start up companies looking for funding and consider leasing will be asked for a personal guarantee.
Does a leasing company accept a third party personal guarantee?
Yes, we do have instances where we will take a third party personal guarantee as security.
Always take legal advice when asked for a personal guarantee
We are a leasing company, not a firm of solicitors. We would always recommend you take legal advice if we or any of our funders ask for a personal guarantee.
Our new start leasing company is open for business!
If you are a start up company looking for funding…
Call us today on 01494 611 456 and we will be pleased to help you with tailored finance and leasing options that are available.
