What can a business loan be used for?

Wondering if you can get a business loan to help you reach the next level? Wondering what kind of things you could use a business loan for?

Wonder no more.

In this guide, we'll run through some of the most common uses of business loans and discuss how mcl finance is making a difference for small business owners.

Don't get too bogged down in what other people use business loans for. We're talking about your business. If mcl finance can help you and your team thrive, we're here to help. If you need ideas, you can talk to our team. That being said, a little loan-spiration might help. Some common uses of a business loan include:

• Cash flow: Are outstanding invoices affecting your ability to move forward? Easing cash flow concerns gives you the space required to keep developing your business while also chasing down what clients owe you. When those invoices finally come in, mcl finance provide access to loans with no early-repayment fees so you can get back on a level footing even faster.
• New tech: Have you struggled to adapt because your systems are outdated or your equipment is no longer up to scratch? New kit can help you capitalise on more opportunities and move with the times, staying one step ahead of the competition.
• Marketing: Could a killer campaign put your products or services in front of more – or more relevant –eyeballs? Great marketing can take time and money to put together. If the latter is holding you back, investing in your messaging could unlock more opportunities.
• Expansion: Spotted an acquisition that's too good to turn down? Want to expand your team to turn more leads into business? A business loan can accelerate your growth plans by providing upfront capital to take things up a notch.

Buying new property or expanding current premises is a very common use of business loans.

You might need larger storage facilities if you're expanding your product range. Maybe you require a bigger office as your team grows. You could be expanding into other parts of the country, continent, planet, univers… actually, we might need to look up mortgage rates on Mars first.

Even if you just want a space that's a bit more fancy for schmoozing clients, a business loan may be a great way to make the move that little bit quicker and easier.

You should only use a business loan to cover business costs. We'll ask you what you intend to use the loan for when you apply and discuss this further with you throughout the application process.

If you need finance for multiple business uses, that's absolutely fine. However, we may withdraw funding and ask you to pay back the loan if you use the money for personal purposes.

If your business needs a lift, there's plenty of choice out there, and mcl finance has two main options if you're looking for a financial fix.

• Unsecured business loans: Access £5,000 to £100,000 to help your business and pay it back over 1 to 24 months. You'll have the certainty of knowing where you stand on a monthly basis, making it more straightforward for long-term projections.
• Merchant cash advance: Get an upfront sum of cash and then pay it back as a percentage of future credit card sales. You'll pay more when business is booming and less in leaner times. Seasonal businesses in particular can benefit from this.

Think a business loan can help you turn your plans into a reality? Contact us today to find out how mcl finance can help.

And if you're ready to get the ball rolling, apply now to check your eligibility in just 60 seconds.