As a person looking to start up a clothing store today in the UK, there’s always one thing that always comes to mind when you are making your decision concerning your startup clothing business; funding. You need funding, you want it and you sort for ways to have it.
According to the opinion of users on UK.collected.reviews, the challenge always lies around how to access the required information for proper and legit funding. Where do you go to learn about the best business loans you could get for your clothing store? This is often the common question.
There are so many available options for a business loan today. Here are some of the available ones in the UK that you can get.
1. Dash Money:
As the name suggests, this private company loan gives our loans to retailers looking to set off their startup businesses. According to Dash Money, their loan is available to a long list of retailers which include, clothes retail, food/convenience stores, etc. with this loan, you can either start up a clothing store or expand your store or even rebrand as the case may be. The loan company offers a minimum price of £5,000 to a maximum of £250,000. The eligibility status requires 3-6 months of your bank statement of healthy cash flow, a copy of your lease or rental agreement of your home, management, and company accounts. This business aims to support small business enterprises.
2. Creative England:
Creative England is another business loan available for clothing stores today. They aim to support and invest in the creative business through loan giving. The application process is 100% virtual, the loan ranges from £100,000 to £500,000 across the UK only. A fixed interest rate from 7% to 15% depending on the loan amount, a 4 years repayment plan, and a 5% management fee will be charged while paying the loan. One of the major criteria aside from being within the creative industry like fashion is that you must have at least an annual turnover of £300,000.
3. SME Loans:
SME is a retail business loan in the UK targeted majorly towards the retail sector. The company’s aim is “to help entrepreneurs cover unexpected costs to take the next big business leap needed to boost the bottom line”. They offer from £1,000 to £500,000.
4. Venture Capital Funding:
This business loan provides loans for individuals to finance various personal and retail businesses. Anyone in the UK providing the required documents by this company can claim a loan from them.
5. Light Finance:
This loan company also gives out loans to retailers in the UK to help their businesses. They offer £1,200 for 18 months at £90.46 per month and interest of £428.28. They also have longer-term loans of 60 months.
There are many loan business companies in the UK today for retail businesses like a clothing store and above are some of the top loan companies to check out.