After an exceptional period of growth, a business loans provider based in South Wales has secured a six-figure investment that will allow it to expand its support of small businesses seeking short-term lending options.
Go Business Loans provides loans of between £2,500 and £20,000 to businesses across the UK through manual underwriting; evaluating a business’ needs and repayment abilities rather than using a computer algorithm to determine what financial support they can offer.
The investment follows a period of exceptional growth at Go Business Loans, who since launching in April 2021, have supported over 20 clients with new business loans and five companies with top-up loans.
This significant investment will grow Go Business Loans’ investment funds fivefold and could allow them to support around 50 new businesses, based on their average loan size, many of which are not wishing to borrow more than they need through a Government Recovery Scheme or have been turned down by other lenders based on their finances alone.
The funding will also allow Go Business Loans to finance VAT loans between £3,000 and £50,000, offering 100% of the VAT due with 90-day loan terms and daily interest rates without early repayment penalties. Thanks to Go Business Loans’ streamlined and hassle-free process, businesses can expect results within 24-hours of applying.
David Vieira, Managing director of Go Business Loans said:
“We are thrilled to receive this investment. Not only is it a testament to the services we have provided since launching, but the funding will also allow us to help even more businesses going forward.”
He continued:
“I am immensely proud of our progress so far, and how we have also been able to support our clients with growing their businesses, especially through such difficult and uncertain circumstances.”
Go Business Loans has been able to provide alternative solutions to small businesses, with a comprehensive understanding of the pressures they face while offering a quick turnaround.
One such company that has benefited from Go Business Loans’ services is London-based diner Bagels & Waffles, who needed funds to reopen their first premises following a rebrand during the pandemic.
Marlon Johnson, Director of Bagels & Waffles Retail Premises and Shops, said:
“Having faced some challenges obtaining finance from traditional high street lenders, with most lenders saying it was the wrong time to expand in hospitality. David and the team at Go Business Loans looked at our recent bank statements, but they also saw the strength in our years of trading.
“That human approach is especially needed for hospitality businesses and getting hold of the decision makers was easy because they were always at the other end of the phone.”
Plastic-free haircare brand Ksoni also utilised Go Business Loans to support its purchasing needs during lockdown, while transitioning to online retail.
Co-founder Banasa Williams said:
“Securing a bank loan became more difficult as a result of Covid-19 because the eligibility criteria narrowed, and it became harder to speak to a real person.
“Go Business Loans looked at our application holistically, and we got real feedback on our application. David even stayed in contact after we secured the loan, to offer continued support as we grew our business.”
Applications for the unsecured loans can be made online at Go Business Loans.
