Secured Business Loans for Pharmacies - Get Approved Today
Secured business loans for pharmacies involve borrowing funds against collateral, often a business asset like property or equipment. These loans offer larger sums at lower interest rates than unsecured loans, as collateral lowers lender risk.
- Quick and easy application process
- Loan disbursed within 24 hours
- No additional charges for early repayment
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What are the benefits of Secured Business Loans for Pharmacies?
The primary benefits include access to larger a funding pool, potentially lower interest rates, and flexible repayment options. These loans also enable improved cash flow management. Decision speeds vary but generally range from 1 to 4 weeks.
What are the different types of Secured Business Loans for Pharmacies?
Property-secured Business Loan
Pharmacies owning property can secure loans ranging from £50,000 to £2,000,000 for 12 to 240 months at 3% to 6% APR. The loan can be used for purposes like property purchase.
Equipment-secured Business Loan
Pharmacies can secure loans against equipment valued at £10,000 to £500,000 for terms of 12 to 72 months. This facility is useful for purchasing medical equipment.
Inventory-secured Business Loan
Regular trading pharmacies can use inventory as collateral securing loans from £10,000 to £250,000 over 3 to 36 months. Ideal for enhancing product lines.
What is a secured business loan for pharmacies?
Application and Processing
The application process requires comprehensive documentation, including business financial records and collateral appraisals. Initial decisions range from 1 to 4 weeks based on the collateral and application completeness.
Regulatory and Compliance
Lending practices must comply with FCA regulations to ensure transparency. This includes AML and credit checks, making sure procedures are fair and borrower-focused, as seen in business funding solutions.
Borrowing Capacity and Rates
Loan amounts range from £10,000 to £2,000,000, influenced by collateral type and business profile. Rates vary from 3% to 10% APR, depending on several factors like credit score and collateral, as detailed in our loan calculator.
