As a hotel or bed and breakfast owner you serve people every day, you are used to understanding what people want and giving it to them. So it becomes very frustrating when banks and businesses don’t treat you as an individual, especially when you are trying to expand your business.
In this era of financial uncertainty you may think it’s difficult to raise finance or funding for your hotel. You may have already tried your high street bank, but as you would have found they have strict lending criteria, including placing security against borrowing such as your business premises or other assets.
The issue with many of the banks is that they are still offering this type of lending amongst a new wave of alternative finance lenders who have more suitable options. These options typically offer unsecured lending, flexible repayments in line with your cashflow, no set payback criteria, no APR and so on.
What is this type of loan? It’s called a business cash advance and it allows all of the factors mentioned above. It is truly unsecured which means there is no assets secured against the loan. The loan is indeed flexible. It is flexible because you only make repayments as and when you make a sale on your credit card sales.
For example you take a booking for a stay on your PDQ machine via a debit or credit card transaction. When the sale goes through there is a deduction based on an agreed percentage paid to the lender. Your cash sales are not taken into account. Typically if you turnover more than £3000 on your card machine per month you can qualify.
There is no set payback amount each month unlike a bank loan that requires you to pay back the same amount regardless of whether you have had a busy month or not. This means your repayments are always in line with your cashflow. If you have a quiet month slightly out of season perhaps then you pay back less.
You simply agree on a percentage of your future card payments, these are then taken daily until your loan is repaid. At this point you have the option to apply for further funds if you feel your business would benefit. With this solution your repayments are based on the success of your business.
As the repayments are percentage based, instead of a non-negotiable amount, they work with your day-to-day business. You can even check online to see how much of your loan is left outstanding. It’s clear and honest and our customers believe this is how lending should be done.
We want small UK businesses to succeed, after the economic downturn it is time for success. There has never been a better time to invest in home-grown businesses, as the economy is slowly back on the up, we can get back to where we once were.
To apply, fill out the short online application – this is the beginning of the process and only takes minutes. Once it is clarified that you are eligible, we can begin discussing how much you want to lend. From this point the funds could be in your account within as little as 7 days. Invest in yourself and your business; take a look at our application form now.
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