When a new business in Scotland is seeking funding, commercial finance is one option at their disposal. This is also the case with existing Scottish businesses looking to achieve growth. At Invoice Finance Scotland, we are a Scottish commercial finance company who are in a position to help a business find a loan to suit individual needs. This is a simple and convenient way of raising capital, purchasing equipment or land, or to relocate premises. It is even possible to gain a customised loan even if a business has a poor credit score.
Scottish commercial finance companies look for certain requirements before they can offer a loan. They will ask to see a business plan in order for them to be in a position to know their clients’ strategies, and to feel confident that a business be able to repay the loan. The size of the business will also be taken into account. It will give them an indication of how much a business needs, as they will want to establish whether or not a client has possibly under or overestimated the requested amount.
Getting a loan from a Scottish finance company offers a number of advantages. Businesses aren’t required to provide proof of income, and a client’s credit score isn’t taken into account. It also doesn’t take long to approve, and flexible repayment terms will be offered. As a large sum of money is involved, there is a different kind of criteria used to decide whether businesses should be offered the loan or not.
If a client wants to speed up the approval process, they will need to provide financial statements covering the last three years, as well as a business plan and a recent tax return. This does vary from one lender to another, however. If a business is struggling financially, a Scottish commercial finance company can help clients avoid bankruptcy, and provide a measure of stability.