Frequently Asked Questions

How it works:

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Fill in our enquiry form

Simply fill in our online form about yourself, your firm, and your finance requirements to begin your search for business capital.

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Speak to one of our funding experts

So you don’t get bombarded from different lenders, one of our experts will call you to discuss your requirements to ensure the right lenders are selected to protect your credit rating and find you the right product for your business.

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Receive your quotes

We will match your business needs to suitable providers on our panel who may be able to fund you and provide you a free quotation. Once you are happy we will proceed to apply for funding.

Questions about us

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Yes, we are. You can find our firm on the FCA register under FRN 972740

This is on an ad hoc basis, depending on the level of work required to achieve funding. If a broker fee is going to be charged, you will be noted before we approach any suitable lenders and a broker agreement will be sent via e-sign.

We have access to over 250 lenders, with quick decisions, fast funding and a professional service. We strive to find you the best funding at the most competitive rate.

Questions about the service

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There are some lenders where you can apply direct but the vast majority don’t accept direct applications, meaning you have to go via a broker. This is because brokers have a fantastic relationship with lenders as we use our expertise to identify which lenders would be suitable. We then package proposals in a way that it makes it easy for the lender to underwrite, meaning quick and easy decisions.

If you are a UK based business that has been trading continuously for 3 months+, there are lenders that will assess your application on an individual basis. You would need an average monthly turnover of £5,000+.

The amount of funding you are entitled to will comes down to several factors:

  • Amount of time trading
  • Business & personal credit score
  • Affordability
  • Current amount of lending facilities
  • Financial accounts

This will depend on the time it takes you to send over the information needed to apply. Once the lender has all the information to hand to underwrite the proposal, we typically receive a decision within 48 hours. If you are happy to proceed, funds can be transferred over in as little as 24 hours after signing the necessary finance documents.

Although bad credit isn’t a great start when it comes to trying to lend additional money, not all lenders are put off by this. There are several lenders that will consider applications for businesses with bad credit along with directors of businesses that have bad personal credit. You will end up paying a higher rate of interest due to the risk and it’s usually paid back over a short period of time.

The rate of interest you will be offered is very individual as every business works in a completely different way. The better your personal and business credit score, the longer you’ve been trading, the more profitable you are, the lower the interest rate.

If the worst happens and you find yourself in a position where you can no longer afford the repayments you agreed to, the best course of action would be to contact the lender. It’s in the lender’s best interest to find a positive solution whereby both parties can continue to support one another.

In most circumstances, a lender will require the majority shareholding directors to sign a personal guarantee. This gives the lender confidence in lending out vast sums of money to businesses without the need of asset backed security, such as a home.

If the affordability is there for more than one business loan, then yes. Lenders don’t like to see multiple lenders on bank statements, but if the trading history of the business and the bank statements support the amount requested it’s usually not a problem.

The amount you can borrow will depend on a lot of factors, which include:

  • Business credit score
  • Trading history 
  • Affordability 
  • Personal credit score
  • Financial accounts

Most lenders are usually comfortable borrowing a month’s average turnover, if you require more than this, we will simply approach more than one lender. We help businesses borrow from £1,500 up to £500,000 on an unsecured basis.

High street banks don’t have a huge appetite lending to SMEs. Their applications are usually long winded, time consuming and require a lot of information. Having access to 250 lenders means we can supply you with a quick decision at a competitive rate.

Fortunately, we can help with funding for any type of business. Limited companies, LLPs and sole traders.

Unfortunately not, we can only help with funding businesses based in the UK. We also can’t help foreign companies that trade in the UK.

We over 250 lenders on our panel, we’re confident we’ll have a solution for you regardless of where you are based in the UK.

We can help with funding for many different industries, from construction, retail, professional services and manufacturing along with many more. There’s typically only a handful of industries we can’t help.

We would need at least 3 months of continuous trade before we could look to assist with funding. New start-ups tend to go through government backed programmes for start-up funding.

Although some lenders only accept applications from homeowning directors, we have access to numerous lenders that would consider applications from non-homeowners.

This will have no bearing with trying to obtain funding via a broker, although we work with the high street banks, we also have access to multiple over routes to funding.

You can always pay off your agreement early, some lenders will offer a rebate of interest charges, whilst other lenders will require the total amount repayable. It’s always worth checking your finance documents first to see if it’s beneficial to settle off an agreement early.

All lenders will run a credit check on the directors and the business itself, this will only be done with your permission and agreement to submit an application on your behalf.

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In reality, you can use the funds for any business rationale. This could be, buying new stock, purchasing equipment, investing in new staff, marketing or general working capital.

Eligibility varies, but generally, UK-based businesses that have been trading continuously for at least three months can have their applications assessed by lenders.

Smart Funding Solutions sources competitive rates for Business Loans and helps find the right funding solutions for businesses.

The team guides clients through every step of the procedure, enabling informed decision-making.

When applying for a business loan in the UK, certain financial information would be needed, exact information varies from lender to lender.

Business loans are available for limited companies, partnerships and sole traders. With over 300 lenders on our panel, we have access to the whole of the market.

Asset finance can be used as a short or long term funding solution to enhance cash flow and spread the cost of expensive assets.

Secured loans are backed by collateral, while unsecured ones are not. Both options have their pros and cons which Smart Funding Solutions can guide clients through.

Yes, Smart Funding Solutions assists start-up businesses through their early growth stages with accessible funding solutions.

The time varies depending on the loan type and lender’s process. Smart Funding Solutions strives to make it as efficient as possible.

The range varies but can cover anything from a few thousand to several million pounds, depending on the business’ needs and eligibility.

This involves an analysis of the business’s current financial situation, projected revenues, and other factors to ensure the loan is manageable for the business. Your chosen lender will also carry out the necessary financial checks before offering a loan.

Yes, refinancing options are available, enabling businesses to consolidate and manage their debt effectively.

Yes, we offer guidance on a range of factors businesses can consider to enhance their approval chances.

Smart Funding Solutions caters to a diverse array of industries, from retail and hospitality to construction and healthcare, among others.

Yes, we provide expertise and resources to help businesses navigate the financial challenges posed by the pandemic.

Business accounts are typically part of the application, although requirements may vary. Smart Funding Solutions can guide you through what is needed for your specific application.

You can visit our Contact Us page on our website, where you can fill in our contact form, call us on the specified number or speak to us via WhatsApp for all your business loan queries. – https://smartfundingsolutions.co.uk/contact-us/

Yes, our News page features blog articles with key insights on business loans, market trends, and other financial themes to help businesses stay informed. – https://smartfundingsolutions.co.uk/news/

Yes, businesses can request a quote via our Smart Funding Solutions Indicative Terms Portal, to get an idea of funding options with no obligation to proceed. – https://smartfundingsolutions.co.uk/apply-online/

Repayment schedules may vary depending on the loan type and lender’s terms. Smart Funding Solutions helps clients understand the different repayment options to ensure they are aligned with the business’s cash flow.

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