FINANCE OPTIONS

^Business Line of Credit for Trades and Contractors – Get Started

Q: How quickly can I get a decision on a business line of credit?

Typically, decisions can be made anywhere from 24 hours to 7 working days, depending on the completeness of your application and creditworthiness.

Q: How much can I borrow with a business line of credit?

You can borrow amounts ranging from £5,000 to £500,000. The actual limit depends on factors such as your business’s credit history and annual revenue.

Q: What are the interest rates for a business line of credit?

Interest rates typically range from 4% to 20% APR, affected by factors like collateral availability, your business credit score, and economic conditions.

Q: What are the eligibility requirements for a secured line of credit?

Eligibility usually requires UK business registration, a minimum operational period, substantial collateral, and specified turnover criteria.

A business line of credit for trades and contractors is a dynamic financing tool that works much like a credit card. It allows SMEs to draw funds up to a predetermined limit, repay, and then draw again as required. This solution excels in managing cash flow, acquiring materials, or covering routine operational costs.

Secure up to £500,000 in Business Line of Credit with Funding Agent.

Quick and easy application process
Loan disbursed within 24 hours
No additional charges for early repayment

Apply Now

We Like To Keep Things Simple

Match with

150+

Lenders

Loans from

£1000
to
£500K

zero hidden fees

What are the ^benefits of Business Line of Credit for Trades and Contractors?

Accessing a business line of credit offers significant flexibility, as companies pay interest only on the drawn amount. Funds can be accessed repeatedly, making it ideal for bridging cash flow fluctuations or unexpected expenses. Asset-based lending is an alternative that supports such flexible funding approaches.

Flexible funding access

Manage cash flow easily

Support business growth

Get Funding For your business

Generate offers

What are the different types of Business Line of Credit for Trades and Contractors?

Secured Business Line of Credit

The secured line typically requires collateral, ranging from property to machinery, allowing for a borrowing range of £10,000 to £500,000 over terms of up to 36 months. Companies like construction firms and electrical service providers benefit significantly.

Secured Business Line of Credit

By opting for a secured business line of credit, businesses enjoy interest rates from 4% to 12% APR, contingent upon collateral quality and credit health. Unsecured business loans also provide considerable flexibilities, though with generally higher rates to mitigate lender risks.

Unsecured Business Line of Credit

Suited for businesses with a minimum two-year trading history, unsecured credits offer amounts from £5,000 to £250,000 with terms extending to 24 months. This option is advantageous for retail and tech start-ups.

Unsecured Business Line of Credit

Unsecured credit lines present an agile funding choice, typically deciding within 24 to 72 hours. Rates vary between 8% and 20% APR based on the applicant's credit profile. Alternative unsecured options like working capital loans might also be considered based on needs.

Revolving Credit Facility

Businesses exhibiting consistent revenue history over a year might venture into revolving credit facilities, with funds available between £10,000 and £300,000, subject to regular annual reviews.

Revolving Credit Facility

These facilities offer ongoing access to funds with interest rates ranging from 5% to 15% APR. Decision times for new setups typically take between 5 to 10 days. For consistent cash flow, revolving credit loans provide reliable support.

What is a Business Line of Credit for Trades and Contractors?

Application and Approval Processes

The application for a business line of credit demands specific financial documentation. Decisions can range from 24 hours to a week. Working capital loans offer a similar speedy application process.

Regulatory and Compliance Overview

Compliance with FCA regulation and the Consumer Credit Act 1974 is compulsory. Proper handling of customer data under GDPR is vital. Expertise in these areas ensures smooth application management.

Factors Affecting Borrowing and Rates

Borrowing limits on lines of credit range from £5,000 to £500,000, influenced by credit history and industry type. Rates between 4% and 20% APR are modulated by collateral and credit scores. Explore how financing options impact business growth.