GLE is a London based funding provider with a wealth of experience and a unique way of working. With over £40m lent to British businesses, including help for thousands of startups, GLE offer relatively low funding for SME (Small to Medium Sized Enterprises).
|GLE Business Loans||Rating|
|Reviewed by Expert Market & Independent Researchers:||29/02/2016|
Expert Market generates its star ratings based on external research undertaken by independent researchers, alongside our own judgement of the market
Each loan provider has inherent pros and cons relating to both their service and the features of the loan they provide. These, however, are not universally “good” or “bad” attributes, as they will depend on the specific business’s funding requirements so having a full grasp of each of these aspects is critical to obtaining the loan that is right for you. The main features relating to GLE Business Loans include:
- Between £500 and £50,000 Value Loans
- Up to 5 Years Term Length
- No Early Repayment Penalties
- Highly Accessible
Between £500 and £50,000 Value Loans
As GLE are a funding provider for smaller businesses their loan values are relatively small. This may make them unsuitable for some, but both their loans and service are perfectly tailored to suit smaller businesses, including startups, and their specific needs. Many loan providers have a minimum set value of many thousands of pounds, a commitment that is beyond the scope of many. GLE are one of very few reputable funding providers to cater for small loans of this type.
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Up to 5 Year Term Lengths
Term lengths for smaller loans tend to be restrictively short, leading to high pressured and high value repayments, restricting the borrower and often making the loan essentially worthless. Each loan from GLE is uniquely structured, meaning even small loans can have their repayment terms stretched over many months.
No Early Repayment Penalties
Despite the lower monthly repayments on longer term loans, the length of them will lead to higher overall costs. For this reason many funding providers implement an early repayment clause that requires the borrower to pay a sizeable penalty fee should they wish to pay off the loan earlier than the terms and conditions describe. This can be enormously restricting for businesses that outgrow the loan, something that is likely regarding SME. GLE loans do not incur early repayment fines, allowing their clients’ businesses to reach their potential without restriction.
Small businesses can find it particularly difficult to access funding, making growth almost impossible in a competitive market. Startup businesses are well catered for with GLE, something that is typically not the case with most funding providers in the UK. This is partly due to the interview part of the application, more on that later, allowing startups to sell their ideas face-to-face. Almost all shapes and sizes of business will be considered and even the smallest of loans are deemed worthy of discussion.
As previously mentioned, accessibility is a large part of the GLE loan structure. There are, however, clearly defined parameters regarding their loans that are easy to understand. These exclusions aside, each loan will be considered on its specific merits, each of which are decided through a face-to-face, or screen-to-screen, interview.
The advantages of such a system are clear. Each business can sell its ideas in a conversational way, gaining support, advice and ensuring the loan you access will be both suitable for your needs and manageable regarding repayments over the long term.
You will not be considered for a loan from GLE if any of the following apply:
- Clearing Outstanding Debts
- Paying for Private Vehicles
- Training of Either Staff or Owners
- Development of a Product
- Political Actions and Related Activity