Frequently Asked Questions About Business Loans

> Where is the best place to get a business loan?
To answer this question, you need to determine which stage of development your business is in and what your particular needs are. For entrepreneurs just getting started, the first place to check is usually their own bank. However, keep in mind that grants and other fund-raising options are also available from organisations such as the Government. A large company, or one with tremendous potential for growth and expansion, should consider approaching a business angel or a venture capitalist.

> What is the normal amount of time to repay a business loan?
The length of time will vary between loan providers but terms are commonly available for up to twenty years.

> How important is my credit history when I apply for a business loan?
Especially in cases when the loan being applied for is to start a business for the first time, lenders will pay close attention to the applicant’s credit history. This is because as a first-time business owner, there is no track record for the loan provider to base their assessment of your level of risk as a debtor. Instead, lenders will conduct a credit check on your personal history to determine your ability to repay the loan.