Business loans for accountants

Business Loans for Accountants

Business Finance

Business Cash Advance’s are an alternative business loans solution that are devised for accountants in practice. As a qualified accountant you may have already placed an enquiry to gain practice funding from your local high street bank. The process you may have found out is lengthy and the outcome may not have been the what you have expected. So what is the answer?

Business Loans for Accountancy Practices

PDQ Funding understand that there can be no one-size-fits all when it comes to business funding. Our aim is to offer tailer made business finance. When it comes to accountants, there is a necessity to be flexible. We know that the requirements of a payroll provider will be different compared to a general accountancy practice. This is why our business loans for your practice will need to tailor the cash-flow of your business, with its up’s and downs of the seasonal cycle.

Accountancy owners tend to suffer for being approved for businesses loans due to the rise and fall of billing cycles, January “tax return season” is busy. September when clients are away on holiday the practice is slow due to seasonally trading. The process for applying for finance can seem a daunting one when your financial revenue can depend on direct debits. The first port of call for accountants who are wishing to lend money is their local High Street bank to apply for a business loan. Our research shows that when businesses want to grow and expand their business this is their number one choice for lending. Traditional bank loans are not easy to get as most store owners find out for themselves. The banks lending criteria and requirements for borrowing bank are at best extensive, should you find yourself with a less than perfect credit score and no security (usually your home) to offer, exceptions to get accepted to be passed for the loan will be low. Any high street bank statistics will show loan approval rates are low.

Finding the right type of finance your business should not be hard work. Having an idea of the amount you require usually starting at about £5,000 and what repayment terms you require before applying. Once you established a few questions you need answering next is to find a lender like ourselves. We are happy to talk to you about our finance support solutions for your business.

Your practice may just need to pay the VAT, PAYE or Corporation tax, so our business loan will work perfectly for a short term advance up to 12 months.

Merchant Cash Advance for Accountants

A merchant cash advance from PDQ Funding is designed to work with your business practice growth, it mirrors your cashflow, thus enabling you to receive the cash you need now to help your business flourish. The repayment schedules are designed to integrate into your businesses monthly income. This will reduce the chance of your business being sacked and overloaded with debt. Quick approval for this product is subject to your businesses turnover performance rather than your credit score.  Using your previous six months merchant card payments statements to get an idea of your average total monthly card payments.

Need to know more about a merchant cash advance:

  • Online application takes just 10 minutes to get a lump sum of £5,000 – £200,000
  • Cash advances are provided in exchange for a percentage of your future monthly credit card and debit card transactions.
  • A merchant cash advance is an unsecured quick cash injection that comes with no APR
  • Poor & adverse credit score, you can still be apply to be accepted
Is My Accountancy Practice Eligible For A Merchant Cash Advance?

If the following criteria is met your practice will have the eligibility to receive funding from a merchant cash advance:

  • The accountancy firm is registered in the UK.
  • Your practice has traded for 6 months or more.
  • Turnover from credit and debit card transactions of £5,000 per month.

What Documentation is Required:

Documentation that supports your application will be required after you have completed the online application. The following supportive statements are needed:

  • Merchant Account translations statement (6 months)
  • Business bank statements (3 months)

How To Apply for Practice Funding

Applying for a business loan or cash advance for your accounting practice takes just a matter of minutes. Our dedicated account managers are on hand to help with anything you’re confused about. If you need a hand navigating the application process, get in touch on 01246 233108.

Step 1:

Click to apply for funding. You will be redirected to a page where we will ask for more information about your business, including:

  • The name of your accountancy practice
  • Number of years it has been trading
  • Your practices average monthly card terminal turnover
  • Amount you are wanting to borrow for the business

Step 2:

The next step involves us asking a few personal questions:

  • Your title, first name and surname
  • Your contact details, telephone and email address

Step 3:

Carefully read our terms and conditions, accept them and click ‘get my business finance quote’. Your application will be reviewed quickly by one of our finance specialists.

Step 4:

Please expect a call and email from one of our dedicated account managers, this is to discuss your needs and any questions you may have in regards to your loan or cash advance agreement.

Step 5:

Carefully read through the terms of agreement and sign the relevant documentation ready to return to your account manager. Once the application form has been received funding can be in your account within 48 hours.

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