Whether you're interested in the smaller business community, are planning to start a business or have an existing business, we have a package for you.
Our most popular package is FSB Business Essentials which includes a whole range of benefits and products designed to make your business fly
A suite of legal benefits including a dedicated helpline, bundled insurance products and a range of online information to keep your business safe. Plus a whole range of negotiated benefits to help save you money and win business.
Our Business Creation package is designed to make starting a business simpler, allowing you time to focus on what's important - making it a success.
Specialist company formation benefits, access to FSB networking, business banking and a range of products to help get you setup in business.
Whatever your circumstances, we have a package to suit you and your business. Click the button below to see which benefits are included in each package and start your FSB journey.
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We represent a diverse range of businesses from retailers to marketing agencies and just about everything in between. Take a look at more member stories and see how we could help your business fly.
More Member Stories
We offer three packages to suit your business needs. Joining FSB Connect is free, our Business Essentials package starts at £172.50 in the first year and our specialist Business Creation package has a fixed price of £129.
Loans are commonplace with many businesses and are used to help companies grow and develop. However, just like any loan, business loans need to be repaid. Missing a payment can have a number of consequences for you, and defaulting on a loan can cause serious problems for your business.
We explain how failing to pay back a business loan can affect you, your finances, and the future of your company.
Before you undertake any business loan, it’s important to check what the terms and conditions are for late or non-payment.
The rates applied, penalties and terms of a loan can differ based on if the loan is secured or unsecured, long term or short term, or if the loan is for something specific, such as equipment.
Understanding the process for what will happen if you run into financial issues can help in selecting the right loan for your business. You should also have a clear understanding of what the repayments are and that you can afford them, before you decide to take out a loan.
Missing a loan repayment can incur additional fees and fines, which can vary depending on your loan provider.
Failure to meet a payment date, for instance, could result in a fine for late payment based on a percentage of your monthly instalments. You may also have to pay the administrative costs your provider incurs for having to notify you.
While this might not seem like a large amount at the time, repeated instances can mount up in cost and see a provider take increasing levels of action against you. This can involve your provider deeming your business unable to pay and notifying you that you’ve defaulted on the loan.
Continually failing to make agreed payments can see you default on a loan. The point where this happens is often set out in the contract for the loan and can be after one or several missed monthly payments.
Defaulting is essentially failing to pay back a loan within an agreed timeframe. This can have a serious impact on your business financing going forward, from the loss of your assets to cover the cost of defaulting to having a negative impact on your credit rating, hampering your future financial options.
Defaulting or missing loan repayments can have a detrimental effect on your credit score. This can make it increasingly difficult to get access to financial solutions in the future, including other business loans. It can hamper your future business dealings too, as many companies carry out credit checks on companies they consider working with.
It’s also important to be aware that any loan or financial service you do get access to (while you have a poor credit score) may have less favourable terms, due to the increased risk you’re seen posing to the lender. This could include higher interest rates, meaning the amount you pay back on the loan is significantly more.
While there are ways to improve your business’s credit rating, negative information can stay on your company credit file for years. Depending on the severity of the data, this can include seven years for late payments and ten years for some bankruptcies.
In the event that you can’t pay back a business loan, the provider can take legal action in order to reclaim the value of the loan, outstanding interest, fees, and costs.
This lengthy and costly process can be detrimental to a business and, in some cases, can involve having to file for bankruptcy.
Ensuring you meet repayments for any financial obligation is important for your business. Not only does it give you access to funding that can help your business grow and develop, but it also means you can avoid difficult and damaging issues that can hamper the success of your company.
With this in mind, it’s also important for a loan to be manageable and to take into consideration the sometimes unpredictable workings of a business.
To help with this, FSB offers members an unsecured business loan with flexible payments linked to a company’s cash flow. Repayments can be made as a fixed direct debit or as an agreed percentage of credit and debit card transactions.
If you’d like to learn more about the benefits of our business loan and how FSB can help your company, please visit our FSB Cash Advance web page or speak to a member of our team.
A risk-free way of raising finance for your business, which is not secured to your assets, giving you the cash injection you need, when you need it.