Business expansion loans help businesses borrow money to grow or improve their operations. Usually, lenders want to know what they can secure the loan against. Most of the time, this will be a residential or commercial property, or land. However, more lenders now offer unsecured loans if the business can prove it can repay the loan and continue to grow.

Unsecured loans are assessed differently because there’s no property to claim if the business fails. Examples of using business expansion loans include paying for new employee training, covering marketing costs, or installing new machinery not covered by other types of loans. Business fitouts for commercial properties can also be funded through these loans to boost revenue.

To apply for a business expansion loan, you need a solid plan showing how the loan will increase revenue or strengthen market position. The business must also have strong financials to support the application.