How to get the best out of your £5k business loan
By Svetlana Goode
When most people think of business loans, they often think of
big numbers: £50K, £100K even £1 million.
But the impact of smaller finance, like a £5K
business loan shouldn't be underestimated. Especially when it’s
invested by a business in the right way.
If you’re considering a small business loan of
up to £5K think wisely about how you intend to spend it. Ask
yourself what is the best way to get maximum value.
Investment in equipment or machinery can boost
production and reduce costs. It can also create opportunities
to offer new services to your customers. This can attract new
business as well as increase your competitive edge.
Attending an exhibition
How many businesses got their big break
attending an exhibition? By putting your business on show in front
of the right people you can get that all-important foot in the door
with new customers and suppliers. This can have a big influence on
the future growth of your business.
Any good retailer will have a nose for their
key products. By investing in extra stock at the right time you can
give your turnover a timely boost unlocking more cash for future
A company vehicle can be a necessity for some
trades, but it can also be a great opportunity for local
advertising keeping your business visible and in front of potential
customers all year round.
If you know the ebbs and flow of your business
then you can prepare ahead. By using a loan you can make sure your
business is ready to exploit its busiest times of year.
Getting a £5K business loan may be a lot
easier than you think. Whether you’re seeking finance from the
private sector or a public body like Finance Wales, an
established small business with a good credit history can often
raise finance without the need of a business plan.
With less information required applications
can be turned around much quicker. This means you can get on with
investing in your business and making your money go further.
Finance Wales offers loans from £1,000 -
£2 million for business based in Wales. A new streamlined
two-day application process for loans up to £5,000
is available for businesses who have traded for more than two