Getting a business loan for a short term

By : Forum Member
Published 13th November 2015 |
Read latest comment - 25th November 2015

I am the owner of a shop and the holiday season is quickly approaching. In years passed I always found myself running out of stock during this period, and I feel that I am missing out on the chance for increased profits.

This year I would like to purchase additional stock this year in anticipation, but I do not have the funds currently. I know that once the holiday season starts I will then make the money back. Are there any loans that are geared towards businesses like mine? Ideally I would need the loan for about 20 weeks or so.

I know that my sales generally peak about two thirds into the season, so I would like to find some sort of loan where I can make smaller payments at the beginning and then repay the capital after the season has ended.

Does anyone know of any loan companies that offer products like this?


Mike Cameron
Comments

No personal experience of short term finance, but I know there's certainly firms out there that offer short term products. No doubt there will be a premium on interest as it's for such a short term.

Money Supermarket might be a good starter for 10:

moneysupermarket.com/business-finance/business-lending/short-term-business-loans/


Steve Richardson
Gaffer of My Local Services
My Local Services | Me on LinkedIn

Hi Mike,

I was in a similar situation a few years back when I was working at my previous employer. We needed a short term business loan for about 20 weeks. I of course went to my bank, but I was quickly scared off by the lengthy and cumbersome process. We ended up going to (removed by admin) and they quickly approved my business loan. The great part about it was that because I could demonstrate that I would be selling the stock during the holidays, they were able to offer me an unsecured business loan within a matter of days.

Hope this helps! Good luck!


George Smith

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