Cobbler’s Loan Service
Your business will be a shoe-in for success with our Cobbler’s loan
Running a cobbler’s requires a blend of craftsmanship, customer service, and business acumen. Whether you’re looking to upgrade your equipment, expand your services, or simply maintain steady cash flow, securing the right loan can be the key to unlocking your shop’s potential. That’s where FairLoans comes in…
With our brokerage tool, you can find the market-leading loan for your business, easing the financial pressure of starting up a cobbler’s business.
Key Considerations for your Cobbler’s
Startup Costs
Equipment Purchase: Investing in key cutting machines, shoe repair tools, work desks and other equipment.
Shop Setup: Purchasing the property, outfitting your space with workbenches, display cases, and customer seating.
Inventory: Stocking up on materials such as leather, shoe soles, and key blanks.
Operational Costs
Supplies: Regular replenishment of materials, such as replacement parts, polish, and adhesives.
Staff Wages: Paying skilled staff who contribute to your shop’s craftsmanship and customer service.
Utilities: Covering the costs of electricity, water, heating, and internet bills.
Revenue Streams
Shoe Repair Services: Providing repair and maintenance for a variety of footwear.
Key Cutting Services: Offering quick and reliable key duplication.
Ancillary Products: Selling items such as shoe polish, laces, and keychains to boost sales.
Loan Repayment
Understanding Terms: Familiarize yourself with the loan’s duration, interest rates, and repayment schedule.
Budgeting: Plan your finances carefully to ensure you can make timely repayments without affecting daily operations.
Types of Loans Available
- Commercial Mortgages, to purchase or refinance the property.
- Equipment Financing, for example to invest in a new key cutting machine or advanced shoe repair tools.
- Working Capital Loans, to cover day-to-day expenses, such as supplies and utility bills, during slower periods.
- Inventory Financing, to stock up on materials like key blanks and leather before peak seasons.
- Merchant Cash Advances, to fund a marketing campaign to attract more customers or upgrade your shop’s storefront.
- Asset Finance, to purchase or lease major assets like new workbenches or display cases, spreading the cost over time.
- Bridging Loans, to manage short-term cash flow needs while waiting for payments from large orders or contracts.
- Invoice and Payroll Loans, to ensure timely payment to suppliers and employees while waiting for customer payments.
Lender Options for Your Cobbler’s
High-Street Banks
Pros: Competitive interest rates, a wide range of loan products, and reliable customer service.
Cons: Stricter eligibility requirements and longer approval processes may not suit urgent funding needs.
Private Lenders
Pros: Quicker approval times, flexible loan terms, and less stringent qualification criteria.
Cons: Generally higher interest rates and fees compared to traditional banks.
Can I apply for a cobbler’s loan?
Any business can apply for a cobbler’s loan, regardless of how big or small it might be, provided you are VAT registered and you meet the minimum monthly turnover.
As a range of business funding options are available, it can often be challenging to find the perfect deal to acquire your cobbler’s. Our specialist business loan advisory team helps take the strain in finding the right finance solution for your expansion into cobbling.
Call us today on 0117 313 8872, for a free initial consultation or use our business loan quote service.