accepted.co.uk - the loans search engine

Although the credit crunch is upon many families and people may be worried about job security, some may be heartened to know that the situation could provide the opportunity to start up a new venture, which could be boosted by a loan.

Steve Moseley, co-director of Steadfast Solutions Ltd, started his own business after being made redundant and built it up from just one machine bought with some savings.

"If you've got the skills there and the commitment, then the key to it all is hard work and controlling the costs," Mr Moseley advises those people considering following in his footsteps.

Mr Moseley says it was the ability to be financially in control that proved to be the most testing in the beginning, although it could be said secured loans could provide a stable footing for a business.

Secured loans may be used for a variety of expensive projects, including starting up a business and may ease the financial pressure off new entrepreneurs with a lower annual percentage rate than other loans.