A business growth loan is a financial solution designed to provide businesses with the necessary funds to scale operations, launch new products, expand to new markets, or undertake significant projects to foster growth. Schedule a meeting with us to determine if your business is eligible.

While a standard business loan may serve various purposes like managing cash flow or financing equipment, a business growth loan is specifically tailored to support expansion and significant growth initiatives.

Qualification criteria can vary among lenders. Generally, lenders look at business performance, creditworthiness, projected growth, and sometimes collateral. A strong business plan detailing growth strategies can also be crucial. Schedule a meeting with us to determine if your business is eligible.

Terms can range based on the lender and the borrower’s needs, from short-term loans of 6-12 months to long-term loans extending several years. Interest rates, fees, and repayment terms will vary accordingly. 

While startups can apply, many lenders prefer businesses with a track record of revenue generation. However, we do have startup-friendly lenders and startups with a robust business model, strong growth projections, and other sources of financial backing may be considered.

Typically, the funds should be used for growth-related activities as detailed in the loan agreement, such as hiring, marketing, product development, or expansion. However, the specifics can vary based on the lender’s terms. If you need the loan for other purposes, you can consider a secured or unsecured commercial loan instead.

Not always. Some business growth loans might be unsecured, meaning they don’t require collateral. However, secured options, which require collateral (like property or equipment), might offer better interest rates due to the reduced risk for the lender.

If a business struggles to repay, it’s crucial to communicate with the lender early. They might offer a revised payment plan. However, consistent failure to repay could lead to penalties, higher interest rates, or in the case of secured loans, the loss of collateral.

Many lenders allow early repayments without penalties, but it’s essential to check the loan agreement. Some might charge early repayment fees.

A commercial finance broker streamlines the loan application process by connecting businesses with suitable lenders, negotiating terms on their behalf, and offering expert advice on the best financing solutions for growth. Schedule a meeting with us to discuss your unique finance needs today.