Business loans: new loans, balance transfers and top-ups
Plan new business funding, review the cost of an existing facility, or explore additional finance. Match the borrowing structure to the business purpose, collection cycle and cash available for repayment.
Choose the decision you are making
New loan
New business borrowing should solve a defined funding need. Equipment investment, inventory and a delay between invoicing and collections have different repayment patterns, so begin with the use of funds rather than a requested maximum limit.
Balance transfer
Moving business debt can change cost, cash timing, security and operating conditions. A business loan balance transfer should be evaluated facility by facility, with the existing agreement and proposed replacement terms available for comparison.
Top-up / additional funds
Additional business finance should be tied to a specific use and a credible repayment source. A top-up or limit increase may be considered by some lenders, but the structure and availability depend on the existing facility and a fresh assessment.
Start with your own repayment picture
Business facilities can differ substantially: term loans, working-capital limits, secured facilities and unsecured borrowing are not interchangeable. Business vintage, financial records, banking behaviour, existing debt and any security offered may be relevant. Credswitch's EMI calculator models an amortising term loan, not every type of business facility.
Prepare a useful enquiry
- Business constitution and registration records where relevant
- Banking, income, tax and financial records requested for the facility
- Existing loan statements, sanction terms and repayment obligations
- Security, ownership and charge information for a secured facility
Credswitch currently provides illustrative calculators and loan enquiry capture. It does not sanction or disburse loans, display live lender offers or run credit checks through this enquiry. Approval, product availability, rates and terms are decided by the lender after a separate assessment.