Lets explore the options available to get a business loan with a CCJ. If your business has a live or recently settled County Court Judgement, it will be more difficult to secure finance.
However there may still options available, depending on what sector you work in and what the funding is for. The funding options available will also depend on what your specific circumstances are as well.
Can You Get Business Finance With A CCJ?
Yes there are business finance options that will accept applications from business owners/directors with a CCJ. The CCJ could be registered against the company or against the individual director or sole proprietor.
What finance is available to you will depend on your circumstances such as sector, assets and also the specifics of the CCJ. See the scenarios below to see which category you fall into.
Was the CCj settled within a month?
If so details of the CCJ can be completely removed from the court register, making it easier to raise finance.
Was the CCJ settled after a month?
If so it will remain on the register but will show as “satisfied”. If its not yet showing as satisfied you can inform the court it was paid and request a certificate of satisfaction. This will make it more difficult to secure funding but there are options still available.
Is the CCJ still live and you need a loan to settle it?
This is the most difficult circumstance to raise business funding for but there still may be options available. It is very likely that you will need to provide security in the form of an asset. This could be an asset owned by the company or a Director/Owner.
Are You Challenging Or Defending A CCJ Claim?
It may also be that you are challenging and defending a claim against you from a creditor. Regardless this will still show as a unsettled CCJ on your credit file until resolved. After that a CCJ will remain on record for 6 years (unless cleared within 1 month or successfully defended).
So lets explore what business loan options my be available.
Can You Get A Business Loan With A CCJ?
Is it possible to get a Business Loan or other type of business finance with a CCJ?
Well the short answer is yes it may still be possible.
The long answer is that it will depend on your companies individual circumstances.
Also what stage you are at with the CCJ, as discussed above, will effect available funding options.
Speak To A Business Finance Expert
At Bolton Business Finance we are experienced at supporting companies across the UK with CCJ’s secure funding. Get in touch today.
What Types Of Business Funding Can You Get With A CCJ?
Lets look at the potential finance options available with satisfied or unsettled CCJ. Some of the options will only be available to companies in certain sectors.
Business Loans With A CCJ
A live County Court Judgement will be against the eligibility criteria of most business loan providers. If the CCJ was settled under 1 month, then you may be able to apply once it has been cleared from your credit file.
If the CCJ was settled after 1 month but was for a very small amount and your company is financial stable. Then some banks and loan providers may still provide a short or long term business loan.
Bridging Loan With A CCJ
Regardless of your circumstances, you may be able to use a property as security to apply for a secured business loan. Even if the CCJ has not been settled, there may be secured funding options available.
Invoice Factoring & Invoice Discounting With A CCJ
Is your business owed money from a customer? If you have a large outstanding invoice or debtor book, you may be able to secure funding against it. There are a number of Invoice Finance providers that will still consider applications from businesses with a CCJ.
Asset Finance With A CCJ
It may be possible to secure funding for your business by refinancing an existing asset. You could raise funding using assets such as vehicles, machinery and equipment.
It is also possible to acquire new assets with a satisfied CCJ on your credit file. You would likely need to pay a cash deposit towards the purchase.
Commercial Mortgages With A CCJ
If you have an existing Commercial Mortgage for your business premises, you may be able to Re-mortgage with a CCJ. This will be dependant on the Loan to value (LTV) and also your companies recent financial performance.
It may also be possible to take out a new Commercial Mortgage with recently settled CCJ. This again will be dependant on your companies recent financial performance and the size of the CCJ.
Discuss Your Available Business Finance Options
We can speak to you about your specific circumstances and access what finance options may be available to you.
For a free no obligation assessment, please fill in the form below.