Running a small business often means navigating the financial unknown. Unfortunately, myths about small business loans can make the journey even harder, stopping you from getting the funding you need. Misconceptions, such as the need for a perfect credit score or the belief that loans are only available to struggling businesses, can hold you back from growth opportunities.

At Bizcap, we’re here to separate fact from fiction and ensure that you’re aware of the realities of small business loans.

Myth 1: “Getting a small business loan is a lengthy and difficult process”

This one couldn’t be further from the truth, at least when you’re working with Bizcap. Traditional banks are notorious for drowning you in paperwork, collateral requirements and long wait times, which can sometimes drag on for weeks or months.

But small businesses can’t afford to wait. That’s why at Bizcap we’ve streamlined the process. Fill out a quick application form in under 5 minutes and if approved, you could have funds in your account before close of business.  

To find out more about the document requirements for a Bizcap loan, click here.

Myth 2: “You need a perfect credit score to qualify for a business loan”

Think a low credit score means you’re out of luck when it comes to funding? Not at Bizcap.

Unlike traditional lenders, we don’t immediately scrutinise your credit score. Instead, we focus on understanding your business, your needs and the opportunities you plan to unlock with the funds. That’s why we don't run an upfront credit check, ensuring you can apply without your credit score taking a hit.

Whether you’ve been declined elsewhere or faced financial difficulties, Bizcap remains the most open-minded lender in the market. We’ve funded more than 25,000 loans for small and medium businesses, many of which had been turned down by other lenders due to poor business or personal credit scores.

Myth 3: “Small business loans are only for businesses in trouble”

This might be one of the biggest myths out there. Loans aren’t just for patching up problems, they’re tools for growth. Whether you want to expand your operations, purchase new equipment, or invest in cutting-edge technology, a business loan can fuel your ambitions. So, instead of thinking of loans as a lifeline, consider them a launchpad to your next big success.

Myth 4: “Banks are the only source for Small Business Loans”

Not anymore! The lending landscape has changed, and online lenders like Bizcap are leading the charge. We offer more flexible, cash-flow-friendly options that work with your business, not against it. In a world where speed, simplicity and flexibility are paramount, more and more businesses are choosing online lenders and who can blame them?

Myth 5: “You should only apply for a loan when you need a large amount of capital”

This myth assumes small businesses are only after huge sums of money, but the reality is different. In fact, most small business loans are for amounts under £50,000. Bizcap offers funding options ranging from £5,000 to £750,000, catering to all sizes and stages of business. Whether you're looking for a small boost or a large-scale investment, we’ve got you covered.

Myth 6: “Small business loans are only for specific purposes”

Versatility is the name of the game. Small business loans can be used for just about any business expense or investment, from buying inventory and upgrading equipment to launching new marketing campaigns or simply managing cash flow. At Bizcap, we work with you to ensure the loan you choose aligns with your goals, so you get the financial freedom you need to grow your business on your terms.

By debunking these myths, we aim to arm small business owners with the facts. In today’s ever-evolving financial landscape, understanding your options is key to success. Whether you need fast access to capital or simply want to explore what’s available. Bizcap is here to help.