Yes, you can apply for lending through Funding Xchange if your business is less than one year old. There are a range of funding solutions available for young companies.
The options available depend on:
- The nature of your business
- The reasons why you need the money
- How well your business is trading in terms of turnover and profitability (this impacts your ability to repay a loan)
On top of this, there are also other factors which can impact the solutions available. These include whether you have assets on which to secure funding, such as machinery or property or invoices to other customers which can be used to secure finance. Some lenders may take your business and personal credit profile into account in their decisions. There are specific lenders which work closely with young businesses, providing them with mentoring services and support for their business plans.
If you apply you'll be asked a series of questions about your business and then Funding Xchange will assess which lenders might be able to support you.