Business Loans
Type of Business Loans
Secured Business Loans
Secured business loans are generally provided for a fixed period of time, and require a physical asset to be served as collateral for the loan. Examples of a secured asset include residential and commercial property, vehicles, and equipment.
Unsecured Business Loans
With an unsecured loan, you’re able to secure financing for your business without using an asset as collateral. Because you’re not borrowing against an asset, the lender will typically assess your business’ cash flows, trading history, and creditworthiness as part of your application.
Chattel Mortgage
A chattel mortgage is a business loan product that’s commonly used for equipment financing. With a chattel mortgage, a lender provides your business with cash in the form of a loan to purchase the equipment, and this equipment is then used as collateral for the life of the loan.
Business Loan FAQs
Can I get a business loan for a startup or new business?
The short answer is, it depends. There are certain loan products available to either purchase an existing business, as well as to start a business. It’s likely that the lender will assess things such as your credit worthiness, your professional or trading experience, the nature of the industry you’re looking to enter, and whether you have any other personal or business-related assets which could be used as collateral for your loan.
Is there a “best” business loan?
Unfortunately, there is no “best” business loan. Finding a product that’s suitable for your business’ financial requirements can vary based on a range of factors.
How do I get a business loan fast?
How fast you can receive approval for your business loan, as well as the actual capital, can depend on a range of factors. This can include the lender or broker you’re working with, the particular loan product and value, the nature of your business and wider industry, and your credit score.
Can I refinance my business loan?
In short, absolutely. At Bhela Finance, we work with a range of lenders to help you easily compare business loan products from their range of products and providers, and see if you can refinance to find a better deal.