Best Small Business Loans In The Uk

No, but you do need to have a business account with another bank to apply for a business loan with us. A business loan is a straightforward way to finance your business. If a business opportunity presents itself, but you need substantial funding to take it up, we’re ready to help you explore if it’s right for your business. If you do not qualify for a small business loan, we can offer an alternative funding option to meet your needs. Securing business or personal assets against a loan allows you to borrow more and helps keep interest rates lower. With a small business loan, you could qualify for a quick, short-term loan from as little as £1000 to £500,000 from one of our trusted direct lenders.

However, start ups, small businesses and those with poor credit scores will also be considered for finance. 365 Business Finance offer cash advances as opposed to traditional loans. They also have unsecured business loans, business funding, business loans for bad credit and franchise financing.

Compare our business borrowing with borrowing offered by other lenders13. You can find out more about the government’s Bank Referral Scheme[PDF, 1.4MB], including eligibility information. This calculator is just an indication of what your loan or overdraft could cost. You can get a business lending quote now, with no impact on your credit score – simply select the ‘See if you’re eligible’ button. It is an illustrative rate that lets you make comparisons against other products.

Having these documents is particularly beneficial to new businesses with a shorter trading history. It’s worth asking an accountant to glance over them before you apply for the loan. For example, some loans aren’t great for seasonal businesses as making repayments during off-peak times of year will be challenging.

Even though you’re not making payments during the repayment holiday, we’ll still charge interest on your loan during this time, at the rate stated in your loan agreement. This means that the total amount you’ll have to repay will be more with a repayment holiday than without one. Capalona is a leading business finance brokerage, and as such we are specialists in arranging small business loans for UK businesses. To date, we have worked with countless startups and SMEs and helped them secure the best small business loans with competitive rates.

At present, no digital banking platform offer business loans, though Starling Bank have offered them in the past. Though these providers offer other services like foreign exchange or savings accounts, you’ll have to sit tight for more packages. You’ll also need the personal details of all the partners, directors, members or signatories of the business . On top of that, you’ll need your business details, including your company’s registration number if you’re a limited company.