Just a few weeks ago in January, EZBOB announced that they would make interest only loans available to online retailers. They also doubled available online funding to increase the maximum loan size to £40,000.
EZBOB have now announced that due to the response they’re going to continues to offer interest only loans indefinitely. They say that the number of retailers taking advantage of their interest only loans has reached loans since they were first launched on the 18th of January. Due to the acceptance in the market they are going to keep offering this financing structure in the future.
Interest only loans can give you more time for stock you order to arrive with time to get it listed and sold before you have to repay the capital. However it goes without saying the quicker that you repay the capital the less interest you’ll pay. If you’ve got a longer lead time for stock to be delivered however, an interest only loan could be the solution to free up cash and grow your business faster.