Loans are one possible source for business cash. If you are sure that your needs are specific for your business purposes, Small Business Loans are designed for a wide range of business needs. With this finance option, you can purchase, refinance, expansion of a business, development of infrastructure etc. your business can not grow without the required finance since it is accorded as lifeblood of a business.
For all of such business loans, you have secured and unsecured options. Secured is simply made secured with your collateral as guarantee of repayment. Collateral can be any worth thing i.e., your car, real estate, and most popularly your home. This assures your lender positively. And you get a large amount of money for a longer period. On the contrary, the unsecured forms of borrowing which does not require collateral. As a result it decreases the loan amount and you are asked to repay the loan at higher interest rates.
Generally, amount sanctioned to you and to your colleague borrower varies. This variation depends on your personal circumstances. However, a sum up to £50,000 can be secured without much hassle. It provides you access to capital with minimal up-front payments and the flexibility to design a loan repayment schedule suitable to your finances.