Please reach us at info@principalbusinessfinance.co.uk or 01604 217 998 if you cannot find an answer to your question.
Unfortunately, only UK operating and registered business are eligible for finance.
You can enquire online by filling in our eligibility checker available on our contact us page. Alternative you can contact us directly via email info@principalbusinessfinance.co.uk or call on 01604 217 998 Once you have submitted your details we will be in contact to discuss your needs. Our experts will then request the relevant documentation from you to propose your application and find the most suitable solution.
Whether you are a start up or long term established business and what your requirements are varies the information collected.
A new start business will be required to provide; 6 months of bank statements, business plan, IDs for applicants, proof of affordability, quotes/invoices (if you are purchasing equipment).
An established business, depending on their strength, may be asked for no information at all or simply business bank statements, year end accounts, management information and quote/invoice (if you are purchasing equipment).
The information requested is taken on a case by case basis and dependent on the solution you require. More information may be requested by a lender at the point of application.
Depending on your requirements, amount borrowing and type of agreement, finance approvals can be achieved in as little as 4 hours up to a few weeks. At Principal we pride ourselves on helping our clients find the right options as quickly and efficiently as possible.
Yes, a new start up business can apply for finance. There are a number of specialist lenders that Principal works with who can help. The ability for start up businesses to obtain finance is based on a multitude of factors including but not limited to personal credit, current or projected turnover, business plan, personal net worth, home ownership status previous business history etc. At Principal we understand start ups and small business are the life blood of the British economy so we are happy to discuss your situation and find the right solution for you.
Yes, you can apply for finance with bad credit depending on the severity of the credit and the time frame. Principal works with a number of specialist lenders that can review your situation on a case by case basis to find the right options available to you. A bad credit history will affect the rates and terms you are able to obtain.
The amount you can borrow depends on a combination of factors including your personal history and business history. Principal can offer finance agreements from around £10,000 up to £2,000,000.
Interest rates vary depending on a multitude of factors that are unique to each business and their individual circumstances including, but not limited to, business performance, credit history, payment history, outstanding borrowing, type of asset being purchased, other directorships etc. The rates available for customers with an outstanding credit rating starts from an annual flat rate of 4.6%. Principal Business Finance Limited survey the market on your behalf from a panel of over 90 lenders to help choose a single or combination of agreements to best suit your circumstances.
Terms are decided by you as the client but are subject to lender approval. Depending on the solutions you choose the term can be from 3 months up to 7 years.
With a hire purchase the borrower usually pays the VAT and deposit up front however in some case the borrower may be eligible for a VAT deferral or to finance these initial costs. With a hire purchase the monthly premiums cannot be subtracted from the business' corporation tax but may be able to claim annual investment allowances and depreciation. Finally with a hire purchase agreement the borrower is given the right to buy the title of the financed equipment which carries an administration fee. With a lease finance agreement no deposit required but can be offered to reduce overall borrowing and the VAT is spread across each monthly premium, the whole monthly premium can usually be subtracted from the business' profits before corporation tax is calculated. At the end of a lease finance agreement the borrower has more options, return the equipment, continue leasing to access the tax advantages or buy the asset.
A personal guarantee or directors guarantee is a guarantee from an individual to pay a debt personally if the business cannot. Offering a personal or directors guarantee reduces the risk for lenders. Usually a director or business owner, but in some cases a family member can act as a guarantor for finance, whereby they will be liable for the debt if the borrower does not meet the requirement payments.
We love our clients, so feel free to contact to arrange a call or meeting.
Email: Info@principalbusinessfinance.co.uk Landline: 01604 217 998
Mon | 08:30 – 18:30 | |
Tue | 08:30 – 18:30 | |
Wed | 08:30 – 18:30 | |
Thu | 08:30 – 18:30 | |
Fri | 08:30 – 18:30 | |
Sat | 08:30 – 12:30 | |
Sun | Closed |
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Registered Address: 16 Old Factory Way, Duston, Northampton, England, England, NN5 6GX
Principal Business Finance Limited is an independent Asset finance broker not a lender, as such we can introduce you to a wide range of finance providers depending on your requirements and circumstances. We are not independent financial advisors and so are unable to provide you with independent financial advice. Principal Business Finance Limited will receive payment(s) or other benefit from the finance provider if you decide to enter into an agreement with them. Principal Business Finance Limited is an appointed representative of AFS Compliance Ltd which is authorised and regulated by the Financial Conduct Authority under number 625035.
Principal Business Finance Limited to provide our customers with the highest standards of service. If our service fails to meet your requirements and you would like to report a complaint; please click on the link below;
https://www.afsuk.com/asset-finance-solutions/contact/complaints-procedure/
We recommend that you take independent legal advice before entering any credit agreement
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