Merel Nijland
Introduction
Many entrepreneurs are busy bridging increasing payment terms or pre-financing projects or stocks. The low season is also no unknown factor. You usually cover this period of low income with income from the high season. But suppose you have to deal with larger expenses than usual during the off-season. If you unexpectedly have to make a big expense, you'll run into trouble. How are you going to deal with this? However, the bills must continue to be paid. Then a business bridging loan comes in handy.
What is a bridging business loan?
A bridging loan is a business loan and is intended to cover a short period of time. It is also sometimes called a “supplementary” working capital“called”. Basically, financing additional working capital is equivalent to bridging financing.
What can you use it for?
There are many reasons for taking out a business bridging loan as an entrepreneur. Think about things like:
- Purchase new equipment for projects;
- Purchase more inventory;
- Achieving a purchasing advantage;
- Temporarily absorb less income;
- A debtor who is waiting;
- Unexpected loss of income;
- Investments in your business that benefit you in the high season.
During COVID-19, many applications were made for a bridging loan. Entrepreneurs saw this as an alternative to the support packages. Even after the crisis, it can be a good option if you are going to make large investments. Wondering if you are eligible for a bridging business loan? Present your situation to our specialists, we would love to think along with you!
What does a bridging loan cost?
A bridging loan is a short-term loan. This means that an amount is lent out in a short period of time and must also be repaid. This involves a higher risk for the lender than with a 'normal' loan. As a result, the interest rate will also be higher.
However, the total cost of a business bridging loan depends on several factors. Consider the amount of the loan, the term and the securities you can offer. Wondering what you can borrow? Do a non-binding request and we calculate your credit space.
How do I take out a bridging loan?
One business loan bridging applications at the bank is a time-consuming process. We think that can be done easier and faster. That's why we offer one of the fastest financing on the market. The application is done online and is completed within a few minutes. You don't need books of administration for that. If the application is approved, you will receive the credit within 24 hours. This way, you can continue to grow your company. We're always here to help you out!
Learn more about (requesting) a business loan at Swishfund? Please contact us via 085 064 4144 or send an email to info@swishfund.nl.
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