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When is the best time to apply for a business loan?

When Is The Best Time To Apply For A Business Loan | Business Finance 101 | Applying for a Business Loan

For some businesses, the industry that they operate in can sometimes dictate the best time of year to apply for a loan.

For example, restaurants typically are best applying in autumn after a busy summer season, before the lull kicks in. At this time of year, they have more time to make plans for the future and consider loan options. They are also in a stronger financial position which will aid their application.

For the construction industry spring is ideal so that they have everything is in place for summer, when companies can take advantage of the good weather and forge ahead with projects which may have been hampered by bad weather. 

In retail it is vital to have the new stock in place and enough salespeople to deal with the peak of November and December.

In general, though by being proactive and applying for funding off the back of a peak sales period, you will ensure that your company finances are in a strong position to be able to support your application.

If you need some help or just have a general question regarding business loans please feel free to call us on 01993 706403 or e-mail enquiries@ngifinance.co.uk.