Loans to help your business recover

If you've already received a Start Up Loan and want to discuss your repayment options, please call GCBF on 0161 245 4900.

Explore your finance options

A working capital loan is a loan that is taken to finance a company's everyday operations. These loans are not used to buy long-term assets or investments and are, instead, used to provide the working capital that covers a company's short-term operational needs.

The Government's Coronavirus Business Interruption Loan Scheme is up and running. Find out more at the British Business Bank.

A revolving credit facility is a line of credit that is arranged between a lender and a business. It has an established maximum amount, where the business has access to the funds at any time when needed, similar to an overdraft facility you may have with your bank. You will only pay interest on the balance, not the maximum amount.

These loans are designed to help you cover monies owed to HMRC. They tend to be short-term loans to ensure that you keep some cash in your business to cover day-to-day costs.

If your customers pay you via card machines, specialist lenders will advance you a cash sum based on your card sales. You only pay back when your customers pay you, through a small agreed percentage of your customer debit and credit card transactions.

If your business owns assets, and there is equity in them (their resale value is higher than any finance against them) then you may be able to refinance them to release that equity. The lender will use your assets as security should you be unable to keep up your repayments.

Invoice finance is a flexible loan secured against your unpaid sales invoices. An invoice finance provider will advance you up to 95% of the value of an unpaid invoice. When this invoice is settled by your client, your provider will collect the balance from you, along with a small fee.

Now may be the time to look at your current lending facilities (loans, overdrafts, asset finance etc) and look at ways to consolidate them to get your monthly repayments down.

Sales and leaseback involves selling any assets of value, such as equipment, plant and machinery or property, and leasing them back from the investor. The main advantage is that you can release cash from equity in those assets to provide extra working capital.

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