Is Hull a good place for startup businesses?

As regeneration and investment is injected into the city led by Hull City Council, Hull offers an exciting and wonderful opportunity for new businesses to lay their foundations. Hull has recently been considered as one of top places to start a business in Yorkshire and the wider UK, which has been put down to it’s affordable office space and lower staff salary costs.

What type of finance should I apply for if I have a business in Hull?

There is no specific type of finance to apply for when looking for a loan for your business. You should really apply for a loan that suits the circumstances of your business and never borrow more than you can afford. At SME Loans, some of the more typical businesses we cater for include:

• Limited Companies
• Startup Businesses
• Small Businesses

Limited Company Loans

Business owners of limited companies often apply for business loans to help with the operation of their business. These loans tend to be unsecured, which puts the company at less risk of losing valuable assets than compared to a secured loan.

Startup Business Loans

Startup business finance is used to help turn a business plan into reality. It also helps a new business find its feet during the early stages of trading. As a startup business grows, a startup business loan can help the business scale up, whether it be by helping rent new property or purchasing new equipment to help with increased demand.

Small Business Loans

Small businesses make up a large chunk of the economy in the UK, but still need some financial help from time-to-time. A small business loan can help a small business expand into a medium sized business. It can also help cover common expenses such as bills, invoices, and rent.

Eligibility Requirements

To apply for a loan, you and your business must meet the following eligibility requirements:

• The owner of the business must be over-18.
• The business must be registered in the UK.
• Your business must have been actively trading for at least 6-months.
• The business must produce a minimum monthly turnover of £5,000.

Applying for a business loan in Hull.

1. Fill-out the Application

Accurately complete the online form. Make sure that the details you input are correct and mistake free to avoid any chance of your application being rejected for a type. When the application is completed, it will need to be submitted.

2. Our Broker will Contact you:

Next, one of our broker’s will be in contact with you to discuss the loans that are currently available to your business from the panel of lenders we work with. If you have any questions at this point, make sure to ask the broker about any queries you may have.

3. Agree to the Ts&Cs & receive the money:

When you’re happy with the loan that is offered to you, you’ll be asked to sign and agree to the terms and conditions of the contract. The loan agreement is then returned to the lender, and you will receive the money into your preferred business bank account, within as little as 24 hours.