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Short term funding for SMES
It’s never been harder for UK SMEs to obtain short term business loans from traditional sources. With banks less willing to lend to small businesses than they were before the recession, it can be challenging for SMEs to secure short term funding, even if they’re generating a healthy revenue.
However, the banks’ retreat from SME lending has opened up the business finance market to a number of new lenders. Many of these companies will look at how your business is performing today, and won’t turn you down because of a missed payment or CCJ five years ago.
Blending cutting-edge technology with expert underwriting, the majority of alternative lenders can also fund businesses in a matter of days, while offering greater flexibility on repayment terms.
Advantages of a short term loan
A short term business loan is a good option for companies that require a line of funding, but don’t want to repay the debt over a number of years. If a company's cashflow is frequently put under strain by late payments or 90-day payment terms, having access to a reliable short term finance facility can make all the difference.
Several lenders offer a traditional fixed-term repayment plan, with businesses repaying a set monthly amount over an agreed term, which could be anything from one month to four years. A fixed-term business loan can help companies plan ahead, as they’ll know exactly how much they’ll be paying each month.
Alternatively, businesses can opt for a revenue-based repayment plan, which ties monthly payments to a company’s turnover. Offered by a handful of lenders, this repayment option can be a good fit for companies with seasonal sales patterns, allowing them to repay less in slower months and more when sales are higher.
Certain lenders will also give businesses the option of paying off a loan early, at no extra charge, while offering additional perks such as repayment holidays and top-ups.
Short term business loans from Fleximize
Fleximize offers short term loans from £5,000 to £500,000. Available on a flexible term of one month to 48 months, they’re perfect for companies that have a pressing need for funding, but don’t fit the strict lending criteria of banks. Here are the key details:
- Unsecured loans up to £250,000, on a term of 1 – 24 months
- Secured loans up to £500,000, on a term of 1 – 48 months
- Minimum six months' trading required
- Funds in your account within 48 hours
- Top-ups and repayment holidays as standard
- No additional fees or early repayment penalties
- Competitive rates from 1.5% per month
At Fleximize, we try to find a way to say ‘yes’ to every business, and will take each client’s individual circumstances into account. Our flexibility means we’ll consider lending to companies with a less than perfect credit history, as long as their monthly revenue covers the cost of repayments.
Short term finance for all purposes
Our short term business loans are available to companies in almost any industry, and can be used for practically any purpose. Here are some of the most common reasons that we see for funding:
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Whatever your need for funding, we'll work closely with you to create a finance package that suits the requirements of your business. One of our relationship managers will guide you through the application process, and serve as an ongoing point of contact if your funding application is successful.
Fleximize lent £10,000 to Lancombe Country Cottages & Lodges, over a term of 12 months. The money was used to fund vital renovation work at the popular Dorset holiday resort
Apply for a short term business loan
It couldn’t be easier to apply for short term funding with Fleximize. Just click the button below, complete our simple application form, and one of our team will be in touch before you know it.
If you’re not ready to apply just yet, feel free to give us a call on 0207 1000 110. Alternatively, you can get an instant quote or read more about our short term funding solutions.