BUSINESS
GROWTH LOANS – WHAT CAN THEY BE USED FOR? Let’s Do Business Finance examines the many uses for growth loans, and how they can bridge the gap to your business growth Continued growth is the key to keeping the cogs of any business turning, which is why many enterprises across the UK consider growth loans when reassessing their finance. 2021 saw bank lending to SMEs return to pre-pandemic levels from the record high in 2020, due to the ending of government-backed schemes such as the Coronavirus Business Interruption
Scheme (CBILS) and Bounce Back Loans (BBL), which enabled enterprises to secure vital funds needed to survive amid the worst of the pandemic. With strong business investment growth forecast for 2022, many businesses in the UK are expected to now be reviewing their long term goals and considering business finance, reassessing what is needed for them to grow.
Many business owners may not realise ❛❛ that growth loans can help with tackling a wide array of issues ❜❜
Even pre-pandemic, business loans were extremely common; enabling business owners to retain full control, while using the finance to support their own business growth and development. Available from a wide range of institutions; from high-street banks, to Community Development Finance Institutions (CDFIs) like Let’s Do Business Finance. Many business owners may not realise that growth loans can help with tackling a wide array of issues, and that they often provide the answer on how to unlock further business expansion due to what they can be used for. Every business is unique, faced with its own challenges and barriers to growth and expansion. Growth loans can be used for a wider range of business needs than most would realise, with loans in recent years from Let’s Do Business Finance having been used for purposes varying from expansion of operations, upscaling sales and marketing, staff acquisition, to sourcing new business assets and equipment. The UK’s 5.6 million smaller businesses generate £2.3 trillion of turnover, employ more than 16 million people and are responsible for emissions of more than 120 million tonnes of carbon dioxide equivalent per year, but external finance can help smaller businesses contribute to economic growth while reducing their environmental impact. Growing your team and finding the right people to help to grow your business was already a difficult landscape to navigate for business owners, but this Laptop Station, Eastbourne
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