Planning to start up a new business or expand the existing one? Business is the most challenging endeavor to undertake. It is not an easy task. You need to have passion, courage and capital investment to do so. One can’t set up a new business with a mere amount of money. But you don’t need to worry as Jamaica Business Loans is here to help you to fulfill your financial requirements. It provides loans to different sectors such as Agriculture, Manufacturing and Trading sectors.
Business loans are the loans provided for business purposes. These loans also include monthly debt, which is repaid with interest added. You can avail of any type of business loan like- Bank loans, Business cash advance, Microloans, Cash flow loans, and Invoice financing. Below are some of them:
- Bank loans- These loans can be obtained from the bank. They may be either secured or unsecured. Bank will study your business plan before giving a loan. They will go through business accounts, balance sheets, and principal credit histories.
- Microloans- Microloans are the loans provided for small businesses. These are smaller loans of amount USD 100,000 or less. Banks usually don’t provide these loans unless the business credit score is good enough.
- Invoice Finance- This is an alternative option for SMEs to obtain loans from banks based on outstanding invoices.
Same as the other type of loans, Jamaica Business Loans are also secured or unsecured. Under secured loans, the person has to show an asset such as a land, vehicle, etc. If he doesn’t pay the debt, the bank claims the asset. Unsecured loans do not follow that process. Secured loans are provided at a low-interest rate. Many business loans involve a complex process. High processing fees, loan disbursement, lock-in periods, pre-closure charges make it nearly impossible for them to access the loan. But ACCESS Financial Services follow a simple and basic process. It is very fast and leads nowadays.
Also, two more terms confuse many people that are- Cash Credit and Overdraft. Cash Credit is a loan offered to businesses for the short term. These loans are provided to help businessman meet their working capital requirements. Overdraft is funding offered to companies or individuals. Through this, the companies can withdraw money even if the account balance is low or zero. So, plan accordingly and follow your dream.