Everything You Need To Know:
What is Plymouth like for SMEs & Startups? Is Plymouth a good place for businesses?
Plymouth is one of the largest cities in the South West, which provides 109,000 jobs contributing to an economic output of £4.99 billion. The city’s location on the coast has allowed it to specialise in the marine industry sector, but also focuses on advanced engineering, defence-related nuclear expertise and a growing industry in health and life sciences.
Is Plymouth a good place for new businesses?
The business startup rate in Plymouth was at 47.8 businesses per 10,000 people, according to statistics from the Plymouth City Council. Startups in the South West region have one of the highest five-year survival rates in the whole of the UK. It’s specialist industry makes it an opportune place for start up specialising in advanced technology and the marine based sector.
What business loans should I apply for? Am I able to apply for a business loan in Plymouth with SME Loans?
Yes, at SME Loans we aim to support businesses across the UK to find the finance that they need for their business. As a credit broker we work with financial institutions who provide competitive business rates and are authorised and regulated by the Financial Conduct Authority (FCA).
What type of business loan is best for a business in Plymouth?
When applying for a business loan, you should consider what is right for your business. Every business faces a different circumstance, so you need to consider carefully how much you need to borrow for your business. Below we’ve listed 3 common business types and provided some reasons why they may apply for a loan.
Why do people take out startup loans?
- Developing a business plan into a functioning business.
- Struggled to access business grants or loans from traditional sources.
- To help maintain growth or to keep up with unexpected demand.
- To scale from a startup based at home and to upgrade to a commercial office.
Why do people take out small business loans?
- To help with day-to-day operation costs, i.e. cash flow, rent, and bills.
- To help fund expansion from a small business to a medium sized business.
- To purchase necessary equipment for the business to run efficiently.
Why do people take out unsecured business loans?
- Unsecured business loans do not risk the loss of valuable assets if the loan is not repaid.
- The application process is quick, and allows flexibility on funding.
- To borrow up to £500,000, with a repayment period from 12 - 36 months.
How to apply for a business loan How can I apply for a business loan in Plymouth?
To apply for a business loan with SME Loans, you will need to complete the online application form. You’ll need to provide key information regarding you and your business, including your contact details and how much you would like to borrow.
Minimum Eligibility Criteria
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.
A Guide to Applying for Business Finance with SME Loans
1. Completing your Application
The first step is to complete the online application form. You will need to answer each question accurately so that your application can be formally processed upon submission When the application is completed, it will need to be submitted.
2. We will get in contact with you:
The second step of the application process will see us get in contact with you to discuss the loan you are applying for and look at what is available to you. This is a great point to ask any questions you may have about the loan process and the loans being offered to you.
3. Receiving your loan:
The final step of the application process requires you to decide if you are happy with the loan that is offered. If you are happy with the terms and conditions of the loan, you will be required to sign and agree to the contract. Once this has been completed, it will be sent to the lender. The lender will then transfer the loan you have applied for into your account within as little as 24 hours.
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