A credit rating is an estimate of your ability to fulfil financial commitments, based on your history of spending, earning, and repaying debts in a timely manner.
If you’re worried about your credit rating being a barrier when it comes to asking for money, there are some very simple ways to improve it.
Consistently pay all bills on time
Get yourself registered on the electoral roll
Pay off more debts and, if possible, pay more than just the minimum amount allowed
Close accounts associated with unused credit cards, direct debits and mobile phone contracts
A free and confidential review with your business relationship manager to discuss your needs, goals and plans for the future.
Acquiring funding is an essential step when looking to grow a business, as most need that initial cash injection. It's important to understand how much money you'll need and what type of funding will suit you best. We have a range of funding options that you can consider.
These are a selection of our products that some of our business customers have been choosing lately.
Security and / or Director’s guarantee may be required. Product fees may apply. To apply you must be a resident aged 18 or over. Subject to status, business use only. Specific eligibility criteria applies to Invoice Financing.
Fixed rate of interest
Can help you achieve your business goals
Suitable for most small to medium businesses
Borrow over 1 to 10 years
Borrow from £1,000 up to £50,000 (subject to credit approval)
No set minimum to pay back each month
Pay interest only on the amount you use
Borrow up to £50,000 unsecured (subject to credit approval). You can also apply for more, however this may result in security being required
Ideal for unexpected bills or emergencies
We could advance you up to 90% of the value of an invoice. This is ideal if you get a sudden large contract through or have a just-in-time inventory strategy.
We offer 2 different types of Invoice Finance.
Release cash quickly and confidentially with Invoice Discounting
Release cash from your existing assets with Asset based lending (£6.5m turnover required)
FreeAgent accounting software is free with your Ednites Credit Union business current account for as long as you retain your bank account. FreeAgent helps over 100,000 small businesses to manage their finances. Learn more about how it could benefit your business.
